Investment management company Capitalica Asset Management has announced that it is investing over 70 million euros into the development of the third and fourth stages – buildings C and D — of the Verde office complex in Riga. This phase is led by the Capitalica European Office Fund, which specializes in sustainable office projects across the Baltics.
“Verde is our long-term vision of a sustainable, human-centric, and future-ready office complex at the gateway to Riga’s emerging business district in Skanste,” explained Andrius Barštys, Chairman of the Board of Capitalica Asset Management. “A place where modern architecture, nature and vibrant business come together. The full leasing of our first two buildings in just three years speaks volumes – hosting 27 forward-looking international and local companies, Verde has proven the strength of our concept: A-class offices in a prime location, infused with a green mindset. It also highlights the resilience and potential of Riga’s real estate market. Now we are taking the next step – expanding with two new buildings that will strengthen Verde’s leadership in Rigas’s office segment and transform it into the greenest business district in Latvia.”
Once complete, Verde will offer a total of more than 50,000 square meters of A-class leasable office space and support a work environment for up to 5,500 professionals. According to Capitalica Asset Management, the total investment in Verde across all development phases will amount to approximately 150 million euros.
Buildings C and D will add 37,000 square meters of new space to the Verde complex, including 22,500 square meters of A-class leasable office area. Developed on a 1.1-hectare site, each building will span six above-ground floors and include an underground parking facility for 250 vehicles, along with more than 100 bicycle parking spaces. These additions are expected to generate over 2,500 new workplaces.
In addition, both buildings will feature rooftop gardens with a total area of 3,000 square meters, providing what Capitalica calls “green oases,” and offering panoramic views of the landscaped courtyard between Verde buildings A and B. In addition, rooftop solar panel installations will contribute to increased energy efficiency, and Capitalica reports that the construction of both buildings is planned in accordance with “the highest BREEAM sustainability certification standards.”
The development of the third and fourth phases of Verde began in August 2024 with the acquisition of the land designated for the upcoming stages. On June 10 of this year, the Urban Development Department of the Riga City Council approved the minimal composition project. Capitalica expects the building permit to be issued, and reports that construction is scheduled to begin by the end of this summer. Construction of Building C is planned to be completed by December 2026, with tenant move-in expected in March 2027. Building D is scheduled to be commissioned by the end of 2027, enabling tenant move-in to begin in May 2028.