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News Release

Prague

Construction of Corso IIb will go ahead without a pre-lease requirement

Commencement expected in H1 2010


Prague, 16th December 2009 – Jones Lang LaSalle and the Karlin Group are pleased to announce that the construction of Corso IIb will commence in the first half of 2010 with the development of 17,000 sq m. Corso IIb is the second phase of the Corso complex, located in Prague 8, Karlin and developed by the Karlin Group.

Milorad Miškovič, Partner at the Karlin Group announced: “The construction of Corso IIb is a rare, though significant step on the Czech office market. As one of the very few office buildings being developed on a speculative basis, Corso IIb will be able to offer tenants the comfort of an assured delivery date. Given the current conditions, we expect construction to be complete in the second half of 2011.”   
 
Corso IIb will offer 17,000 sq m of prime A class office space, together with an underground car park, consisting of approximately 308 parking spaces. The building will be easily accessible from all directions of the city, with great connections to the highway, as well as public transport. 

Harry Bannatyne, Consultant at Jones Lang LaSalle, the co-exclusive leasing agent added: “Corso IIb will build on the success of its predecessor Corso IIa, which was let to renowned tenants, confirming Karlin’s reputation as an established Prague business district. Due to restricted financing as a result of the financial crisis, very few office buildings will be delivered to the market in the near future. Hence, Corso IIb will play a key role on the undersupplied Prague market.”