ČEZ to buy headquarters in the Smíchov City project from Sekyra Group, which has a dominant position in the office space market
PRAGUE, 15 April 2025 – ČEZ has chosen the Smíchov City project by Sekyra Group as the location for its new headquarters. Construction has already begun. ČEZ will purchase the new headquarters, which will consist of three separate buildings with a total area of 44,000 m², from Sekyra Group upon completion in 2027. A renowned Swedish architectural studio participated in the design of the buildings alongside Czech architects. ČEZ will be located next to the extensive Česká spořitelna campus currently under construction. Smíchov City is the largest urban development in central Prague since the creation of Vinohrady - it is not only a residential district but also an important administrative and business hub. Thanks to these significant investments, Sekyra Group holds a dominant position in the Prague office market with an approximately 80% share in the administrative building construction segment. Smíchov City is transforming into a fully-fledged district with a balanced mix of residential, administrative and leisure facilities. The total cost of the Smíchov City project will reach CZK 50 billion, of which CZK 35 billion will be private investment and CZK 15 billion public investment, mainly in infrastructure.
“We appreciate that a company as important as ČEZ has chosen our new Smíchov City district for its headquarters, thus establishing it not only as a residential area but also as an important administrative and business hub. ČEZ will be located next to the extensive Česká spořitelna campus currently under construction. This is further confirmation of the quality of our administrative building developments and our dominant position in the Prague market with our 80% share of the office building construction segment. Smíchov City is the largest urban development project in central Prague since the creation of Vinohrady at the end of the 19th century. We are creating a new central district with a truly city-forming character. Our ambition is to create a new centre for Prague that will become a modern alternative to the historic core of the metropolis, with apartments, modern office space, shops and services, a school and public premises. The entire project will be crossed by a kilometre-long pedestrian boulevard, which will serve as a communication axis, a meeting place and a venue for civic activities,” said Leoš Anderle, CEO of Sekyra Group.
A major transaction in the office space market
The new ČEZ headquarters will consist of three buildings with a total area of 44,000 m2. Two of the buildings were designed by the architectural firm Tham & Videgård Arkitekter, while the third was designed by Schindler Seko architekti. The final interior design will be by the ADR studio under the direction of architect Petr Kolář once the buildings are completed. The buildings are being constructed by Sekyra Group in cooperation with general contractors Metrostav and GEMO.
Construction should be completed in 2027. After final approval, ČEZ will purchase the buildings in accordance with the contract and subsequently perform the fit-out. Even during construction, great emphasis is being placed on the flexibility of the administrative spaces. One of the buildings, with six above-ground floors, will house the headquarters. In addition to offices, the other buildings will also house a customer centre and a canteen. The front sides of the buildings will retain a functional ground floor with cafés and shops open to the public.
“The project to relocate all the employees based in Prague’s Brumlovka district to the new site began in 2022. There are fundamental reasons for moving the headquarters. The lease on the buildings we currently occupy is coming to an end, and they also need to undergo substantial renovation and modernisation,” explained Michaela Chaloupková, member of the Board of Directors and director of the Administration Division at ČEZ.
Like the headquarters of Česká spořitelna, the buildings for ČEZ are located in the Smíchov City South district. This area, together with Smíchov City North, which is predominantly residential, will be connected by the kilometre-long pedestrian Madeleine Albright Boulevard. This boulevard will allow pedestrians to walk from the Smíchov railway station terminal to the centre of Smíchov, making the services and shops available in the Smíchov City project even more accessible to people within walking distance.
The quality of the entire project is also evidenced by the fact that it has received recognition from both experts and the general public and a number of prestigious awards, such as Building of the Year 2024, the main award in the Best of Realty 2024 competition in the category of large-scale residential projects, the Architects’ Award in the Real Estate Project of the Year 2024 competition, and a ThePrime Award in the Best Residential Development 2024 category.
“The Smíchov City location is exceptional for several reasons. First and foremost, it is a multimodal transport hub that will provide users with optimal accessibility by all types of public transport. Moreover, it is a place where people can work, live, spend their leisure time and have fun. This city centre, with a wide range of services, as well as greenery for relaxation, creates an ideal environment for both work and social activities that Prague so desperately needs. The fact that it will become the headquarters of Česká spořitelna and ČEZ demonstrates the great potential of this location within Prague 5. Thanks to the quality urban planning, it will also be fully utilised,” added Zdenka Klapalová, managing director of the Knight Frank consulting company.
All the buildings are aiming for the highest BREEAM Outstanding sustainability certificate. Construction is proceeding in accordance with ESG principles and, among other things, the carbon footprint of the building materials is being monitored. The facade of one of the buildings will be made of high-strength concrete using 3D printing, which optimises the production of prefabricated elements and thus reduces energy consumption during production and assembly. All this will result in a lower carbon footprint. Green roofs are planned. The buildings will be heated by geothermal wells and heat pumps.
Sekyra Group began speculative construction of the buildings, i.e. without a known tenant, in the summer of last year. “We believe in the Prague office market, which is why, unlike some developers, we have not suspended any of our administrative projects, even after the COVID pandemic. We are seeing growing demand for new administrative space, and this is confirmed by statistical data on office vacancy rates at around 8%,” Leoš Anderle said. According to an analysis by Knight Frank’s Prague office, 166,000 square metres of office space were under construction in the capital last year. The vast majority of this space, around 80%, is being developed in the new districts of Smíchov City and Rohan City. Sekyra Group thus has a dominant market position.
In addition to ČEZ and Česká spořitelna, Komerční banka has also chosen Smíchov City as its address, leasing 2,157 m² in the Na Knížecí office building located in the Smíchov City North district. The building was completed two years ago as part of the first phase of the project. Smíchov City is thus becoming an important business hub in Prague. “Companies are very interested in administrative space in the project. They now have a unique opportunity, even if they need several thousand square metres, to relocate to modern offices with a high standard of finish in the centre of Prague with excellent transport links and parking facilities,” said Leoš Anderle, explaining the trend.
Offices and apartments are being built
Construction of the Smíchov City project is currently continuing with the second phase, called Smíchov City South. It includes the aforementioned 75,000 m2 Česká spořitelna campus. In addition, this part of the project includes three ČEZ buildings, while a hotel with the unique Smíchov Market is also under construction. The second phase also includes significant public infrastructure projects, primarily the Smíchov transport terminal, which will include the modernisation of the Smíchov railway station, a P&R building and the construction of a new transport hub connecting trains, the metro, trams and buses, both suburban and long-distance. The total investment in this major infrastructure project will reach CZK 15 billion.
The third phase of the project will begin in the northern part of Smíchov City this year, part of which will be used for rental housing. It will include the construction of another residential block, SM8, with 300 apartments. This will be followed by blocks SM7 and SM10 with 490 apartments, located between Madeleine Albright Boulevard and Vackové street. The third phase is a continuation of the first, in which more than 400 apartments were completed.
The fourth and final phase of Smíchov City will be adjacent to Radlická street. A significant public space will be created here, including the Radlická Cultural and Sports Centre, which Sekyra Group has committed to preserving. The sports hall was created by a group of enthusiasts out of an abandoned railway warehouse as a place for meetings, culture and sports activities. The public helped to get it up and running through an online crowdfunding campaign. In deference to the tradition of this location, this building will become the centrepiece of the future square.
The Smíchov City district will offer work, housing, services and complete civic amenities, all within easy reach. A pleasant public space will also be an integral part of the project. The bustling Smíchov district will gain new quiet areas suitable for picnics and relaxation. In total, more than two hectares of green space will be added to Smíchov. The tree-lined avenues are also designed to offer views of Prague Castle, the church in Zlíchov and Vyšehrad.
The total cost of the Smíchov City project, covering 20 hectares of former railway brownfield, will reach CZK 50 billion. Private investment in the project will amount to CZK 35 billion, supplemented by almost CZK 15 billion from public funds invested in related infrastructure (modernisation of the railway station and construction of a terminal including a large-capacity car park) and education. Almost 400,000 square metres of residential, administrative, commercial and public space will be created here. The project will be completed by 2032. Approximately 12,000 people are expected to work and live in this new Prague district.
