“We want to create the right work environment for all our people. We really don’t believe in the future of home office and Zoom, “said Petr Borkovec, CEO and majority owner of Partners. The company does not yet have an investment budget. However, the head of Partners estimates the required amount at approximately 300 million crowns.
The reason for the construction of the new headquarters is also a significant expansion of Partners. The group has long included not only financial advice, but also, among others, the investment company Partners, the insurance company Simplea, the real estate fund Trigea or the media projects P Passenger.cz or Finmag. The holding is also preparing its own bank.
The first design of the new building by architect Milan Mlada from the Age project studio envisages the construction of 7,000 square meters of office space. “We will see how it goes after the discussion with the authorities. Now we have two years of preparation, design and permitting waiting for us, “added Borkovec. The construction itself will then take approximately another two years. The head of Partners did not want to specify the specific location of the planned construction at the current early stage of the project.
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“This is not uncommon for companies with a strong local presence looking for more office capacity, although the usual solution is turnkey development from a developer with a possible subsequent real estate purchase,” said Knight Frank, head of office rental for commercial real estate transactions. Matěj Baranek. “Companies with a long-term vision and an effort to build a strong brand are entering their own buildings,” he added.
In recent years, for example, the technology company Livesport has built its own office headquarters. She grew up in Prague near the Nové Butovice metro station. The armament company Omnipol in Nekázanka Street in Prague 1 has also created its own new headquarters. Česká spořitelna plans to move to its campus in the coming years. In her case, the construction at the Smíchov railway station will be ensured by the development group Sekyra Group.
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For the time being, the partners leave open the question of whether they will keep the new headquarters in their ownership. “If the rental income comes out reasonably, I do not rule out the sale to the real estate fund,” Borkovec added.
According to real estate consultants from Savills, the prices of Prague office buildings are currently reasonable, despite market decline. “In the current era of low-yield bonds, the profitability of Prague offices will continue to attract investors,” said Fraser Watson, Savills Investment Director for the Czechia and Slovakia. The annual return from the best Prague offices is now 4.1 percent for investors.
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