Capitalica Asset Management, an investment management company of the SBA Group, has completed the construction of the greenest office complex, “Verde,” in Riga. The business complex, consisting of two buildings with a total area of 45 thousand square meters, is home to 19 Latvian and international companies. The construction cost of the first Capitalica Asset Management project in Latvia exceeded 65 million euros.
Construction of “Verde” began in 2020, and the complex’s first building was opened in 2022. The eleven-story Class A buildings were implemented according to the highest sustainability and energy building standards, making it the greenest office complex in Riga.
“Completing “Verde” construction is essential for all involved in developing the complex – tenants, investors, and bondholders. The total area of leased and common-use premises is 30 thousand square meters, of which the first building is fully occupied, and the second building, more than 90%, has been leased to international and local IT, financial, and medical companies. This indicates that the real estate market in the Latvian capital was indeed “thirsty” for Class A buildings. Therefore, in the future, we will continue to develop Class A office complexes in Lithuania and Latvia,” commented Mindaugas Liaudanskas, CEO of Capitalica Asset Management.
Challenges of Construction
Iveta Lāce, Commercial Director of the “Verde” office complex, says that one of the most significant achievements in developing the second office building was the timely implementation of the project. The first tenants can move into the second building as early as this May.
“Sincerely congratulate all colleagues, partners, and tenants on completing the second ‘Verde’ building. Construction presented unexpected challenges – we were ‘hit’ by the pandemic, the war in Ukraine, and various economic shocks, but thanks to a motivated and goal-oriented team of developers, architects, and builders, the second ‘Verde’ building became the only newly opened Class A commercial building in the Skanste business district this year,” she says.
Companies such as “Tietoevry Latvia,” “Swisscom,” “Roche Services & Solutions,” “Vividerm,” “Merito Group,” and “Indexo” will be moving into the second building this month. In addition to the mentioned companies, the following companies are located in the office complex: “Decta,” “Swetch,” “Enefit,” “KPMG Latvia,” “Workland,” “VIA SMS Group,” “IGK AG,” “Also Cloud,” “Moltto Coffee,” “Dia 36. Line,”, “Marsh.”
The Project Embodies a “Green” Outlook
The second “Verde” building is like the twin of the first, but even closer to the center of Riga, at the beginning of the modern Skanste business district. The buildings are connected by a spacious underground garage and vestibule, with the “Dia 36. Line” restaurant in the center. As in the first building, the newly opened fifth floor features over 600 square meters of lushly landscaped terrace with relaxation and work areas.
The project embodies a “green” outlook, realized by architects Andris Kronbergs, Janis Zvejnieks (Arhis Architects), and landscape architects from Zala Landscape Architects and the structural design bureau Arenso. Technical supervision of the construction was carried out by Forma 2, engineering design of utility networks was handled by Berga Projekti and A. Ābeles inženieru birojs, fire safety solutions were provided by VPM Latvia, and sustainability certification consultations were provided by Vesta Consulting.
The leasing and management partner of the project is Colliers, the leading real estate agency in Latvia.
About “Verde”
“Verde” (www.Verde.lv) is the greenest Class A office complex in Riga, located in the Skanste district, with the first phase opened in the summer of 2022 and the second phase completed in the spring of 2024. The “Verde” office complex consists of two buildings with a total leased area of 30 thousand square meters (45 thousand square meters, including the underground parking lot). This project was created according to the highest sustainability standards, BREEAM “Excellent” and nearly Zero Energy Building (nZEB) standards.
An exceptional feature of “Verde” will be a 1,200-square-meter green terrace with trees and plants, as well as green outdoor workspaces in the courtyards of each of the buildings. The “green” worldview is embodied in the “Verde” complex through sustainable and modern architectural solutions implemented by Latvian architects Andris Kronbergs and Janis Zvejnieks (Arhis Architects), applying Class A energy efficiency and smart building management solutions.
SEB bank financed the construction of the “Verde” office complex by providing a five-year, 60 million euro loan to the project developer, SBA Group company Capitalica Asset Management.
About Capitalica Asset Management and SBA Group
Capitalica Asset Management (www.capitalica.lt) is a licensed and supervised investment management company of the Bank of Lithuania, managing investment funds investing in commercial real estate in the Baltic States. The “Capitalica Baltic Real Estate Fund I” managed by Capitalica Asset Management, owns the “Verde” office complex in Riga, the “135” business center in Vilnius, the “Kauno Dokas” business center in Kaunas, and the “Luizė” shopping center in Klaipėda. The “Capitalica Green Logistics Fund” currently owns five green-concept logistics building complexes, three in Tallinn and two in Riga. The majority shareholder (70%) of Capitalica Asset Management is SBA Group, one of the largest Lithuanian business groups, employing about 3,500 people across 30 companies.
Mindaugas Liaudanskas
CEO of Capitalica Asset Management
+370 612 30412
