PRAGUE-Skanska has announced plans to build the 172,000-square-foot City Green Court office project here in Pankrac, this city’s central business district in the capital of the Czech Republic. The project will cost about $50 million to build, the company said.

The company does not appear to have any tenants lined up for the property. The company did not return a request for comment. In a statement, the developer said this new project should be ready for occupancy in the first quarter of 2012.

A recent report by realtor DTZ showed that capital investment in the Czech Republic commercial property rebounded by 233% in the first half, but was still low at $280 million compared with 2005-2008. There hasn’t been much foreign investment in the country, the report said.

Skanska has been active in Prague, selling the Vyshehrad Victoria office and building CSOB Bank’s new LEED-certified building. The company’s Commercial Development Europe division initiates and develops office and industrial properties here, Hungary, and Poland.

The firm says it will attempt to achieve LEED status with the City Green Court building. “We see a large and growing interest for green, modern and flexible offices,” said Britta Cesar, managing director of Skanska Property, Czech Republic, in a statement.