Elemental Business Centre has been handed over to Kapitel – the first tenants are starting to occupy the buildings

Elemental Business Centre builder Merks has handed over the office building complex to Kapitel developer, thereby concluding the construction phase that started in September 2021. The total investment of the project exceeds 60 million, and it consists of two buildings with a total leasable area of 21,000 m². Currently, 5,000 m² of office space is still available for rent in the office centre, while almost 75% is already leased. Now the new office premises are in the process of being handed over to the initial ten tenants, who collectively accommodate a workforce of around 500 individuals daily. The first tenants will start work in Elemental Business Centre already at the end of October.

Elemental Business Centre sales manager Imants Krēsliņš says that the office buildings built in Skanste are ready and most of their tenants will occupy them in the near future.

“We are very happy to announce that as a result of active work, after the commissioning of the office centre, we can now transfer the premises to ten companies, whose employees will start using them from the end of October. The next ten tenants will start occupying their new premises in the first quarter of next year, when the daytime restaurant Restart and the physiotherapy centre Fiziocentrs will also be opened. It is a pleasure to see that the technologies used in the building show the intended efficiency, geothermal heat pumps are already used for heating the building, and the building also provides a top-class microclimate. With the commissioning of the building, we have fulfilled all the promises to the tenants who trusted us during the construction process.”

After the handover of Elemental Business Centre to the developer, the first tenants have already started moving into the office building complex – Swedish financial holding company Marginalen AB group companies GelvoraSergel and Aizdevums.lv, as well as the international IT services company Arvato Systems. It is planned that in November, the other tenants of the first phase will also start occupying the office building complex – CV Market, Primend, Kapitel, Dyninno Group, and Rimi Mini store. The other announced tenants will move to the new office premises at the beginning of 2024, and the design and construction process of their office premises is currently underway.

Taavi Ojala, CEO of Elemental Business Centre developer Kapitel, says that this project is one of this year’s biggest investments in real estate in Riga and Latvia. He emphasizes that Kapitel considers Riga as one of its home markets and the company’s investments are tangible proof of this.

“I am proud and happy that office tenants in Riga have appreciated the high quality and advantages of Elemental Business Centre, which has led to a very successful leasing activity. We have reached a high level of signed lease agreements, which confirms our general belief that there will always be a demand for quality premises. I am also happy that Kapitel was able to develop high-quality and modern office buildings in the Skanste area, which we have believed in since we acquired the land,” emphasizes T. Ojala.

He also points out that the project has a long history that began in 2007-2008, when the first steps for its development were taken. After a long pause, the plans were restarted, and construction began in the fall of 2021. Although the construction period was full of challenges – the pandemic and the war started by Russia against Ukraine, the construction was completed as planned.

Andris Bišmeistars, chairman of the board of the construction company Merks, says that this project is an excellent example of how to combine architectural ambitions with particularly high and modern quality requirements, where attention was paid to every detail and node.

“Elemental Business Centre is an investment in the future, and thanks to unique solutions, it also embodies our company’s vision – to create a sustainable and valuable environment for both employees and the surroundings of Skanste. The project has been technically challenging, but a great advantage was that we worked according to the combined Design & Build principle. There was no shortage of challenges in this project, and there were many external factors that affected the construction of such a large-scale project, such as the availability and cost of materials, as well as the war in Ukraine. Such moments make us become stronger and more creative in the search for different solutions, and we have truly been honoured to be the implementers of this project,” said A. Bišmeistars.

“A lot of work was invested in the development of this project, which resulted in real gratification. With the completion of the Elemental Business Centre, not only our tenants and neighbours, but the entire city have gained a lot of value. This office rental complex sets new standards of sustainability, energy efficiency and quality for office buildings in Riga. We have achieved all this together with our team and partners,” says Margus Mändmets, Project Development Manager of Elemental Business Centre.

On October 6 of this year, the State Construction Control Bureau of Latvia commissioned Elemental Business Centre, whose total investment exceeds 60 million euros. The construction works of the project were carried out by SIA Merks, and its developer is SIA Kapitel. Elemental Business Centre consists of two buildings with a total leasable area of 21,000 m². Currently, 5,000 m² of office space is still available for rent in the office centre, while almost 75% is already leased.

The project is on its way to receiving the BREEAM Outstanding rating, thus becoming the first building in Latvia with the highest possible evaluation. Elemental Business Centre buildings are also the first in Latvia, which are connected by a parametric facade. In the construction of buildings, energy piles were used, which can provide up to 72% of the building’s heating and cooling needs, significantly reducing the costs of utilities for tenants.