BlackBird Real Estate will buy the Red Court administrative building in Prague
J&T Real Estate has agreed to sell the Red Court administrative building, which will house the Czechoslovak Group industrial and technological holding from next year. The premium project in Prague’s Karlín, which is now under construction and boasts LEED GOLD sustainability certification, will be acquired by real estate developer BlackBird Real Estate. J&T Real Estate thus sells a fully leased building furnished according to the tenant’s needs. The price of the transaction will not be published by agreement of the contracting parties.
Near the Invalidovna in Prague’s Karlín, an administrative building will be completed in the coming months, which will provide a total of 7,000 m2 of office space on eight above-ground floors. The author of the project is the studio CMC Architects. The building will offer its users, among other things, openable windows with outdoor blinds, roof terraces, a bike room or showers on each floor. The main advantage will be the internal modular layout offering maximum flexibility for tenants.
“We have signed a contract with J&T Real Estate on the future contract for the purchase of the Red Court office building. The purchase itself will take place after the completion and approval of the construction,” says Jan Kotaška, CEO of BlackBird Real Estate, adding: “We see the transaction as an investment and we are very happy that we have agreed on the terms of the purchase with J&T Real Estate. We will get the building fully occupied by a premium tenant who has been active in Prague’s Karlín for a long time.”
For BlackBird Real Estate, which is engaged in real estate management and residential and commercial development, this is the most significant acquisition to date. It will mostly finance the purchase of Red Court with a bank loan. The construction of the administrative center should be completed at the beginning of 2023. Several hundred Prague employees of the Czechoslovak Group holding company will find new facilities in it, a smaller part of the building will also be used by other tenants.
“Especially in today’s difficult times, we are very happy about the deal. This confirms our bet on Karlín as an exclusive urban location. The construction itself is proceeding according to plan, so I believe that both the tenant and the owner of the building will soon be happy with the new headquarters,” says Martin Kodeš, deputy chairman of the board of directors of J&T Real Estate CZ, the project’s developer, about the transaction.
The design of the Red Court building is linked to the neighboring Rustonka complex, which the developer J&T Real Estate completed in recent years. The facade in a non-traditional brick color honors the industrial history of the place. The surroundings of the building offer all the comforts of today’s vibrant Karlín: restaurants and services, as well as the Invalidovna metro or access to the Vltava cycle path. The planned development of Rohanský ostrov and the surroundings of Palmovka will further increase the attractiveness of the location in the future.
