Latvian office standard leaps forward

RIGA - Officials from the international real estate company Mid Baltic Realty say their recently completed office building in Riga brings office space in Latvia into the 21st century.

Chris Baileys, director of Mid Baltic Realty, said during the opening ceremony May 3 that the building made a statement to the world, to business and about what Baileys believes Latvia will become.

"We have shown, as a company, great faith in this country," he said. "We hope our investments here will bring more companies to Latvia."

The building does leave quite an impression.

Designed by architect Sergejs Nikiforovs and located on Mednieku Street near Latvenergo's headquarters, it's not exactly downtown but this could be one of its advantages.

The latest electrical systems and fiber optics will bring work stations in the building closer to the rest of the world, and fast.

The five-floor building includes 4,000 square meters and a penthouse executive office. Below ground it houses a two-story parking garage.

"I can assure you that finishing a building like this on time and within the budget is a rare accomplishment," Baileys said.

It also has a full compliment of security personnel and gadgetry.

Officials estimate office space rented in the building will run $50 per square meter.

A spokesman for the company said a solution could be to team up with the construction company and bank which helped Mid Baltic Realty to complete the building and offer them office space.