Sources at Patron tell GlobeSt.com the sellers were a Czechinvestor commonly known as CMN, which owned 66% of the building,and the Prague Stock Exchange, commonly known as BCCP, which owned34% of the building and is leasing back a substantial portion ofthe building on a long-term basis.

The property is located in the historical old town center ofPrague 1. The building is comprised of 95,000 sf of office space,13,000 sf of retail space and 194 car parking spaces. The officespace is fully leased. In addition to the Prague Stock Exchange,tenants include Deloittes, VUB Bank, Etel, and SCP, the governmentowned securities processing operation. Tenant rollover during thenext 24 months is approximately 35,500 sf, sources at Patron tellGlobeSt.com.

"Burzovni Palac is a tremendous addition to our portfolio, andthis transaction establishes a foundation and presence for PatronCapital in a dynamic Central European emerging market," says TadShay, Patron's executive director. "Burzovni Palac represents atypical deal for us as it was complex and time consumingacquisition, negotiating with two vendors that owned distinct andseparate demised areas while securing four individual pre-leasingarrangements, however; we now control a property with significantupside value".