A leading development in Prague has received a prestigious award as part of the 2006 Best of Realty competition.

Orco Property Group's successful Luxembourg Plaza Project in the Czech Republic has been named as the Best New Administrative Centre. The ambitious development is located between the Vinohrady and Zizkov districts and is near to the Flora metro station. In total, the building offers 25,020 square metres of high-quality office, retail and underground car-parking space and is next door to the Orco-owned Marriott Courtyard Hotel, which provides 161 rooms.

The annual Best of Realty competition focuses on projects which have helped to encourage growth within the Czech real estate market and recognises a total of five developments in five separate categories - new administrative project, restored office project, residential project, shopping centre and hotel.

Pavel Klimes, development director at Orco Property Group, said: "We appreciate this award very much; it is clear evidence of the quality of our work. Luxembourg Plaza is a unique combination of modern, high quality office space and hotel."

He added: "This project had been carefully designed to be sensitively set into residential locality, which was achieved thanks to cooperation with excellent partners. This project is fully leased which proves its success."

Orco Property is regarded as a leading investor and developer throughout the Central European region and has a number of projects in the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia, and currently manages around €1 billion of assets.