Kapitel invests more than 60 million euros in the development of offices in Riga, the newest tenant is Primend
Kapitel invests over 60 million euros in the development of the Elemental Business Centre office buildings in Riga. The company signed a 35 million euro loan agreement with Swedbank Latvia to finance the construction, and half of the space is taken up by lease agreements. The sustainable and energy-efficient buildings have reached their full height and will be completed this autumn. Estonian slackliner Jaan Roose, who walked from the roof of one building to the other, performed at the topping out party.
Latvian IT companies Dynatech and Arvato Systems will move into the new office building, as will CV Market (the Latvian branch of CV Keskus). The office building will have various necessary services both for the people working in the building and the residents of the surrounding area, for example a Rimi Mini grocery store and Fiziocentrs, which offers physiotherapy services. In addition, a 2,300 sq m flexible office and co-working area will be opened, which will be operated by IWG, the leading company in the field, through its Spaces brand. The newest tenant of the Elemental Business Centre is Primend, an Estonian company founded in 2014, which is one of the fastest growing IT companies in the Baltics today.
Primend offers IT services to its customers as a single team across all three Baltic States, with offices in Tallinn, Tartu, Riga and Vilnius. Today, the Latvian branch of Primend is the fastest growing part of the company, and as a result, their existing premises have already become cramped. According to Mārtiņš Jurjāns, head of Primend SIA, Primend’s mindset is always to cooperate with its existing customers. “When we heard that our valued long-term client Kapitel was building a new office building in Riga, the concept of which goes hand in hand with Primend’s core values, there was no doubt that this could become our new home. After getting to know the new building and the area, the documents were signed quickly,” he added.
According to Kapitel CEO Taavi Ojala, the goal of the company is to build high-quality work environments. With the construction of the Arter quarter in Tallinn underway, the company’s portfolio now includes office buildings in Tallinn, Vilnius and Prague, and with the construction of the Elemental Business Centre, Kapitel will also make a contribution to Riga. “Today, high-quality office buildings have become an integral part of the urban environment, which is why we develop commercial buildings that, in addition to an excellent working environment, also improve the urban space and contribute to the well-being of the local community,” added Ojala.
The Elemental Business Centre office buildings (https://www.elemental.lv/en/) will be built in the Skanste area of Riga’s business district, near Arēna Rīga and Luminor’s Latvian head office. The two interconnected buildings have 21,300 sq m of class A rental space, a co-working area, a bicycle parking station for 400 bicycles with washing and changing rooms and various catering and service areas. The construction of the buildings includes around 500 parking spaces, including 200 spaces in the car parks under the buildings. The architect of the buildings is Indrek Allmann from PLUSS Architects, the main construction contractor is Merks, part of Merko Ehitus group.
The project is characterised by outstanding architecture, modern technical solutions, and a first-class indoor climate. The net height of the ceilings is at least three metres, and the raised floors in the rental premises provide the flexibility to change the spatial plan and layout of the workplaces. After construction, the project will apply for a BREEAM certificate rating of Outstanding, which would make the business centre the first building with such a high rating in Latvia. The energy piles used in the construction cover more than 70% of the heating and cooling needs of the building thereby significantly reducing the ancillary costs for the tenants.