The first Verde building is now more than 60% leased out - KPMG in Latvia joins the community

Proving the dynamically growing demand for sustainable Class A offices in Latvia, the international professional services provider, KPMG in Latvia, has become the third anchor tenant in Riga’s greenest office complex, Verde. It is not only this year’s largest office lease transaction in the Latvian capital, but also a significant turning point in the development of Verde – even though the construction works on the complex are still ongoing, the whole development is nearly 50%  leased.

KPMG in Latvia is one of the largest professional service providers in the Baltic states, offering audit, taxation, legal, business consultations, data and analytics, cyber-security, ESG and other consultancy services. With the company’s team constantly growing, a decision has been made to move to nearly 3000 m2 of space in the new Verde premises. This is twice the size of KPMG's existing office  and will be located on the 7th and 8th floors of building A. The  current KPMG in Latvia team of 250 people, including the office of sworn advocates KPMG Law, KPMG Lighthouse, the Centre of Excellence for Data, Artificial Intelligence and Emerging Technologies, established in 2021, and KPMG Cyber Security Centre specialists will move to the Verde office.  

“When choosing a new office for the growing KPMG in Latvia team, two aspects were important for us. First, adapting to today’s flexible working style, to develop the working environment in a way that promotes mutual cooperation and makes our team feel good both physically and emotionally. This is why we have chosen the spacious and modern Verde premises which will help us achieve that. Second, it is important for us that the building is being built responsibly – thinking about minimizing environmental pollution and considering the energy efficiency solutions that are being used there,” said Armine Movsisjana, Managing Partner at KPMG in Latvia.

“Obvious progress intertwines the growth of Verde. Every day our office complex becomes more noticeable – lamella blinds, promoting energy efficiency, have been placed on the facade of building A, and work on the interior is underway. Meanwhile, construction of building B is ahead of schedule, and as a result, six stories have already been built above the ground. Simultaneously, there is also an active process in attracting      tenants which now resulted in cooperation between us and KPMG in Latvia. I am very happy that such a respectable company has become our long-term customer, proving that the care of modern employers for the wellbeing of their employees goes hand in hand with their business growth,” said Iveta Lace, Verde Commercial Director.

Ēriks Bergmans, Colliers Baltics Partner and Head of Agency said: “This transaction once again proves the interest of companies in a high-quality working environment,      energy efficiency of buildings and a sustainable approach. Despite global challenges, the activity of the office market is similar to the previous years, and this is the biggest office lease transaction so far in 2022 in Riga.”

As reported, Latvia’s leading real estate agency Colliers is the exclusive leasing representative of the Verde office complex. The office complex’s first anchor tenant is Swiss telecommunications provider and software developer Swisscom, and the second anchor tenant – financial technologies company Decta. The Verde office complex, developed by Capitalica Asset Management, is being built under the leadership of Notus Developers, a subsidiary of SBA Group. The project’s general contractor is LLC Velve. Total investment in the VERDE office is planned at more than EUR 65 million, and it will be the first project implemented by Capitalica Asset Management in Latvia. 

About “Verde”

VERDE (www.verde.lv) will be the greenest A-class office complex in the Skanstes area of  Riga, and the only A-class office in the city. The Verde office complex comprises two office buildings with a total leasable area of 30 000 m2 (45 000 m2 together with underground parking area). Verde has been developed in line with BREEAM Excellent and the nZEB (nearly Zero Energy Building) standards. Verde was ranked among the most-sustainable projects in the competition “Sustainability in Architecture, Construction and Design 2020”.

VERDE embodies its green thinking in a sustainable and contemporary architectural solution designed by Latvian architects Andris Kronbergs and Jānis Zvejnieks (Arhis Architects), applying Class A energy efficiency and smart building management solutions. The special feature of Verde will be incomparable greenery on 600 m2 large terraces with trees and plants on each of the buildings and green outdoor workspaces in the yard. According to the latest studies, scientists have proved that relaxing terraces, greenery, modern air ventilation systems, smart lighting and wise office planning, different conveniences and other Class A services improve well-being and productivity.

About “Capitalica Asset Management” and “SBA Group”

Capitalica Asset Management (www.capitalica.lt) is an investment management company licensed and supervised by Central bank of Lithuania which is managing investment funds investing in commercial real estate in the Baltic States. Capitalica Baltic Real Estate Fund, managed by Capitalica Asset Management, owns the office complex Verde in Riga, the business centre 135 in Vilnius, the business centre Kauno Dokas in Kaunas and the shopping centre Luizė in Klaipėda. The controlling stake (70%) of Capitalica Asset Management is held by SBA Group, one of the largest Lithuanian business groups, and another 30% is owned by A. Barštys' (CEO of Capitalica Asset Management) company Fox Holdings.

SBA is one of the largest Lithuanian capital business groups. It consists of more than 30 companies operating in real estate, furniture manufacturing, textile manufacturing and investment management. The group employs around 5,500 people. Consolidated sales in 2020 amounted to EUR 342.5 million.  

About KPMG (kpmg.com/lv)

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG firms operate in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. KPMG is one of the leading professional service providers in the region.