At the end of April, the construction of the second stage or building B of Riga’s greenest office complex “Verde” was completed. According to the decision of the State Construction Control Office, the building has been officially put into operation.
The completion of the construction works and the opening of the building means that the first project in Latvia of the developer of the complex – the Lithuanian investment management company “Capitalica Asset Management” – has been fully implemented, the investment of which exceeds 65 million euros.
“Finalizing the construction of the second phase of “Verde” is a very important event for everyone involved in the development of the complex, including our bondholders and investors. By successfully taking over the construction of building B, we have proven that we can do everything efficiently ourselves. We know what we are doing and that we prove it with results. That’s why we will continue developing A-class office complexes in the future not only in Lithuania, but also in Latvia,” comments Mindaugas Liaudanskas, head of “Capitalica Asset Management”.
The second building of “Verde” is like a “twin” to the first – but even closer to the center of Riga, at the beginning of the modern Skanstes business quarter (R. Hirša iela 1). The object embodies its “green thinking” thanks to architects Andris Kronberg and Jānis Zvejnieks from “ARHIS Arhitekti” in cooperation with the architect office “AROUND architects”, the landscape architect office “Zala Landscape Architects” and the construction design office “Arenso”. The technical supervision of the construction was carried out by “Forma 2”, the responsible for the design of engineering network sections – “Berga projects” and “A. Ābeles engineering office”, fire safety solutions are provided by “VPM Latvia”, while consulting on sustainability certification was carried out by “Vesta Consulting”. In total, more than 120 different construction contractors and material suppliers participated in the construction process.
“We have implemented the promise we made to our customers – to open the second round in the spring of 2024 – with maximum precision. Undeniably, various unexpected challenges had to be faced during construction. However, thanks to our truly excellent, highly motivated, dedicated and highly professional team of developers, architects and builders, the “Verde” B building has become the only new A-class commercial building opened this year in the Skanstes business quarter,” says Iveta Lāce, head of the office complex “Verde” commercial director and board member.
“Verde” B building has 11 floors, including connecting it with A building – a large underground parking lot and a lobby decorated with real houseplants, in the center of which is the “Dia 36. Line” restaurant. The leasable area is 15,000 m2, of which more than 90% is already leased to international and local IT, financial and medical companies. The total area of the building and its adjacent territory, including the landscaped yard, is 23,000 m2. The building has several entrances, including a very wide and convenient one from the side of Skanstes Street. And just like building A, the fifth floor of the newly opened building B has a terrace of more than 600 m2, lushly green, equipped with rest and work areas, with a panoramic view of the Quiet Center of Riga.
Along with the commissioning of building B, most of the construction works of the tenants’ offices, with which long-term contracts have already been concluded, have also been completed. Therefore, starting from May, the gradual process of moving these companies – “Tietoevry Latvia”, “Swisscom”, “Roche Services & Solutions”, “Vividerm”, “Merito Group” and “Indexo” – will begin. In total, up to 2,500 employees will work in the “Verde” office complex, and the number of lease agreements concluded at the moment is already 19 – in addition to the already mentioned companies, the following have become its tenants: “Decta”, “KPMG Latvija”, “Swetch”, “Workland”, “Enefit” ”, “VIA SMS Group”, “IGK AG”, “Also Cloud”, “Moltto Coffee”, “Dia 36. Line” and “Marsh”. The object’s leasing and management partner is the leading Latvian real estate agency “Colliers”.
“Economically efficient, sought-after, BREEAM Excellent certified and timely completed project – these were crucial criteria for me as an investor when deciding on Capitalica Fund’s investment in the development of the Verde office complex.” I am pleased that with all decisions we hit the exact goals – starting with the “green concept” and choosing an excellent location at the very beginning of Riga’s modern business quarter Skanste, and continuing the development without stopping during the pandemic, the Ukrainian war and economic turbulence. As a result, large, international companies have chosen to set up their offices directly in the “Verde” complex, and many have made these decisions during the active construction phase of both buildings. All this means that the real estate market of the capital of Latvia was really looking for such an A-class product. And now I can say with even greater confidence – “Verde” not only revived the premium office segment of Riga, but also became an impulse to continue investing in this type of projects in Latvia. This will promote confidence in the Latvian market and its attractiveness for greater entry of foreign capital and companies,” says Andrius Barštis, chairman of the board of “Capitalica Asset Management” and an investor of “Verde”.
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