CPI Property Group’s iconic Bubenská 1 has acquired a significant new tenant. By 2020, 12 companies and agencies from the multinational WPP Group will be located under one roof. The heritage-protected building will undergo extensive reconstruction, delivering tenants a top-quality working environment while maintaining the building’s unique architecture.
WPP will become the first and largest office tenant of the Bubenská 1 building, the most significant building of 20thcentury functionalist architecture in Prague. The WPP group includes media, digital and creative agencies such as Ogilvy, Wunderman, Burson-Marsteller, Young & Rubicam, Maxus, MEC, MediaCom, Mindshare, H1.cz and many others. Individual WPP companies that previously worked in different buildings in Prague will find their new home under one roof.
"We consider Bubenská 1 building one of the pearls in CPI Property Group's portfolio, which after reconstruction gains a renewed opportunity to shine and build upon the tradition of classical, functional architecture in a location with unmistakable genius loci," said Tomáš Salajka, Director of Sales, Acquisitions and Asset Management at CPI Property Group.
The Bubenská 1 office building boasts 25,500 m² of lettable area. Twelve WPP agencies will occupy a total of nearly two-thirds of the area (16,316 m²). The 18-year long-term lease agreement will begin in 2020.
"We are satisfied when our tenants can operate successfully within our premises and concentrate their time and effort on their business. That is why we offer a long-term partnership based on cooperation. Reconstruction of interiors, therefore, takes place in close cooperation with the WPP Group," said Zdeněk Havelka, Executive Director of CPI Property Group at the signing of the lease.
The building will undergo extensive yet sensitive renovations, respecting its heritage protected elements. There will be a complete overhaul of the building’s façade and its insulation. The new façade tile will meet all conservation requirements, visually preserving its unique architecture. New windows will be installed in offices and business units. Interestingly, two "Paternoster" elevators will be preserved to original designs alongside the construction of a new 157 capacity car park.
"After its complete renovation, this unique 20th century functionalist building, will grant WPP an exceptionally creative environment coupled with a high level of comfort, maintaining a competitive edge to tenants that are accustomed to new A-class office buildings," said Josef Krautman, Cushman & Wakefield, who brokered the transaction.
Additional tenants interested in the building will have 2,800 m² of office space to lease. There will also be business units and a cultural hall for event organisation. Tenants will have access to dressing rooms with showers, a wellness centre and a bike room. The building’s surrounding vicinity will also be revitalised, helping to improve the location for both the tenants and the public alike.
The Bubenská 1 building, also known in the past as the Prague Electricity Company building, is one of the most important buildings of functionalist architecture in Prague. It was built between 1927 and 1935 according to the design of Adolf Benš and Josef Kříž on the grounds of a former hat factory of the Böhm brothers. Due to the building’s exceptional character, the local offices have been popular with architects, fashion designers, and artists all while being protected as a cultural monument of the Czech Republic. The Bubenská 1 building has been part of CPI Property Group's portfolio since 2016.