City Tower (Prague)
Encyclopedia
City Tower is a skyscraper in Prague
(Pankrác
district), the tallest one in the Czech Republic
with 109 m in height.
Construction started in 1985 and the building was designated as a headquarters of Československý rozhlas (now Český rozhlas
; a Czech public radio broadcaster
). In 1993 the building was nearly completed, but appeared to be oversized for Český rozhlas (which split from Československý rozhlas after the dissolution of Czechoslovakia
), technically obsolete and full of dangerous asbestos
.
In later years Český rozhlas tried to sell the uncompleted building. In 1996, an agreement was signed with the company NIKO to sell the building for 1 billion CZK, but subsequently failed to pay the agreed amount. A similar scenario happened one year later with the Singapore
an company Wells Holding and an agreed selling price of 550 million CZK. Finally the building was sold in 1999 to the company ECM
for just 285 million CZK.
After a long planning process and legislative planning steps the radical reconstruction of the building, designed by Richard Meier
, started in 2005 and finished in 2008. On 20 December 2007 the building obtained final building approval. The first tenants started to move into the building at the beginning of 2008. The largest renter is Raiffeisenbank, a.s. which occupies 10 floors of the building with about 1200 employees.
In 2009 ECM sold City Tower for €130
millions to unknown investor (according speculations it is Slovak investor). Transaction was backed up by J&T.
Prague
Prague is the capital and largest city of the Czech Republic. Situated in the north-west of the country on the Vltava river, the city is home to about 1.3 million people, while its metropolitan area is estimated to have a population of over 2.3 million...
(Pankrác
Pankrác
Pankrác is a neighborhood of Prague, Czech Republic. It is located south of the city centre on the hills of the right bank of the Vltava River and is part of the Prague 4 district as a deal of Nusle quarter. The name derives from the local baroque initially very old church of St Pancras, which is...
district), the tallest one in the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
with 109 m in height.
Construction started in 1985 and the building was designated as a headquarters of Československý rozhlas (now Český rozhlas
Ceský rozhlas
Český rozhlas is the Czech Republic's publicly funded radio broadcasting organization.It offers the following radio channels:*ČRo 1 – Radiožurnál: news and information*ČRo 2 – Praha: talk and family programmes...
; a Czech public radio broadcaster
Public broadcasting
Public broadcasting includes radio, television and other electronic media outlets whose primary mission is public service. Public broadcasters receive funding from diverse sources including license fees, individual contributions, public financing and commercial financing.Public broadcasting may be...
). In 1993 the building was nearly completed, but appeared to be oversized for Český rozhlas (which split from Československý rozhlas after the dissolution of Czechoslovakia
Dissolution of Czechoslovakia
The dissolution of Czechoslovakia, which took effect on 1 January 1993, was an event that saw the self-determined separation of the federal state of Czechoslovakia. The Czech Republic and Slovakia, entities which had arisen in 1969 within the framework of Czechoslovak federalisation, became...
), technically obsolete and full of dangerous asbestos
Asbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...
.
In later years Český rozhlas tried to sell the uncompleted building. In 1996, an agreement was signed with the company NIKO to sell the building for 1 billion CZK, but subsequently failed to pay the agreed amount. A similar scenario happened one year later with the Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
an company Wells Holding and an agreed selling price of 550 million CZK. Finally the building was sold in 1999 to the company ECM
ECM Real Estate Investments
ECM Real Estate Investments A.G. is real estate developer based in Luxembourg and active mostly in Czech Republic. Michal Janků is founder, CEO and through ECM Group N.V. largest shareholder of the company. In 2006 company went on IPO on Prague Stock Exchange and became part of PX Index...
for just 285 million CZK.
After a long planning process and legislative planning steps the radical reconstruction of the building, designed by Richard Meier
Richard Meier
Richard Meier is an American architect, whose rationalist buildings make prominent use of the color white.- Biography :Meier is Jewish and was born in Newark, New Jersey...
, started in 2005 and finished in 2008. On 20 December 2007 the building obtained final building approval. The first tenants started to move into the building at the beginning of 2008. The largest renter is Raiffeisenbank, a.s. which occupies 10 floors of the building with about 1200 employees.
In 2009 ECM sold City Tower for €130
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
millions to unknown investor (according speculations it is Slovak investor). Transaction was backed up by J&T.