Office complex Verde achieves 100% occupancy! Next development phase begins

Riga’s greenest A-class office complex, Verde, has reached a significant milestone - both of its first and second-phase buildings, A and B, with a total leasable area of 30,000 m², are now fully leased. This achievement in Latvia’s real estate market has been made possible by the signing of six new lease agreements in the past four months. At the same time, Verde’s developer, Capitalica Asset Management, is actively working on architectural and construction plans for the next phase of expansion, preparing to launch the leasing process for two new buildings, C and D, this spring.

Iveta Lāce, Commercial Director of Verde, commented: "I am truly delighted to reach this milestone - 100% occupancy of both buildings. I want to thank all the companies that placed their trust in Verde’s green concept and chose our project for their new office. Special appreciation goes to our exclusive leasing partner, Colliers Baltics, for securing tenants at the highest level, and to the legal firm Ellex Kļaviņš for their professional support in transaction processes. The successful leasing of Buildings A and B confirms that there is still demand in Riga’s central business district for modern and energy-efficient A-class offices that meet the needs of progressive companies, including attracting top talent. Considering both market demand and the development plans of new office projects in Riga, Capitalica Asset Management sees potential for new contributions to the A-class office market. Our team has already started the development of the third and fourth phases of Verde, which, together with the existing buildings, will create a 50,000 m² office quarter - the closest to Riga’s historic center. Over the next few years, new, sustainable workspaces will become available for ambitious and innovation-driven companies”. 

The Verde office complex is now home to 27 companies across various industries, including IT, financial services, pharmaceuticals, energy, and legal services. New tenants include: two law firms – RockBridge Legal and Jaunzars un Partneri, two financial companies – AMPR Services and B2 Impact, and Interior design studio Katz.  Additionally, Verde houses prominent companies such as: Tietoevry Latvia, Swisscom, Roche Services & Solutions, Merito Group, Indexo, Decta, KPMG Latvia, Swetch, Workland, Enefit, VIA SMS Group, IGK AG, Also Cloud, Marsh, Worldline, as well as service providers like SilverCut hair salon, Vividerm dermatology clinic, Moltto Coffee café, and Dia 36. Line restaurant.

Ēriks Bergmans, Partner and  Agency Director at Colliers Baltics, emphasized: "Verde is a unique project where thorough preparation, market knowledge, experience, courage to start despite the obstacles and strong partnership really paid off-reaching the status of one of the most successful projects with a perfect tenant mix. We were honoured to have been chosen as a partner for the first Capitalica Asset Management project in Latvia and are glad that the plans for the next Verde stages are already in development”. 

As previously reported, in the summer of 2024, Capitalica Asset Management, a Lithuanian investment management company, made a strategic decision to expand its operations in Riga. The company plans to develop the Verde complex further by constructing several new A-class office buildings with a total leasable area of more than 20,000 m². To achieve this, the company acquired a 1.1-hectare site adjacent to Verde, located between Hanzas Street and Gustava Kluča Street. The expansion project is set to be implemented within the next few years, ultimately bringing Verde’s total leasable area to 50,000 m², making it Latvia’s largest office quarter.

Further details on the new phases of Verde will be revealed throughout 2025.

About Verde

Verde (www.verde.lv) is Riga’s greenest office complex, located at the gateway of the Skanste district (R. Hirša Street 1). It is the only A-class office complex in Latvia with its first phase opened in the summer of 2022 and the second phase in the spring of 2024. Verde consists of two office buildings with a total leasable area of 30,000 m² (total area, including underground parking, is 45,000 m²). The complex is designed to meet BREEAM “Excellent” standards and nearly Zero Energy Building (nZEB) criteria. Verde’s signature feature is unparalleled greenery, including 600 m² of tree-lined terraces in each building and a lush courtyard filled with plants. Verde embodies sustainable design by award-winning Latvian architects Andris Kronbergs and Jānis Zvejnieks (ARHIS Arhitekti), featuring A-class energy efficiency and smart building management solutions. The SEB bank financed the construction of the Verde office complex, granting a €60 million loan over five years to the SBA Group’s investment management company Capitalica Asset Management.

About Capitalica Asset Management and SBA Group

UAB Capitalica Asset Management (www.capitalica.lt) is an investment management company licensed and supervised by the Bank of Lithuania, with its bonds listed on the Nasdaq stock exchange. Capitalica Asset Management manages investment funds that focus on commercial real estate and private debt instruments in the Baltic region:  

- Capitalica Baltic Real Estate Fund I 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.  

- Capitalica Z114 Real Estate Fund owns the newly developed Sand Offices A-class business center in Vilnius.  

- Capitalica Green Logistics Fund currently owns five sustainable logistics building complexes, three in Tallinn and two in Riga.  

- Capitalica European Office Fund is developing modern office buildings, including the Verde C&D complex.  

- Capitalica Debt Fund is a bond fund that invests in high-yield bonds from companies in the Baltic region and other European countries.  

Capitalica Asset Management is 70% owned by SBA Group, one of the largest Lithuanian business groups, while the remaining 30% is held by A. Barštys’ company, Fox Holdings.  

SBA Group is one of the largest Lithuanian capital business groups, comprising over 30 companies operating in the fields of real estate, furniture manufacturing, textile production, and investment management. The group employs approximately 3,500 people.