Next Stage of New Hanza Development: Putting Timecapsule in Foundation of New Hanza Office Building at 1 Mihaila Tāla St.

Map of Riga’s offices soon will have one more object on it – a modern and sustainable A-class office building. In Jult 2021, real estate developer Pillar Capital, AS started construction of an office building at 1 Mihaila Tāla St., Riga. The construction of the building is the next step in development of New Hanza territory. The investment in the office building is going to exceed 26 million euros, while there will be about 30 contractors engaged, providing jobs for almost 150 people.

Specialists of Pillar Group have paid special attention to not only making the building highly functional and modern, but also compliant with the sustainability principles, which is going to be confirmed by BREEAM Excellent certificate.

This week there was a timecapsule put into foundation of the building, containing a message for future generations and marking the next step of construction of this new office building.

“Putting the capsule into the foundation of the office building is not only marking the beginning of constrction, it is one of the next steps in development of urban environment for future generations. With this building, the city is going to have one more modern sustanable place. Lockdown and pandemic will end someday, and people will want to return to offices. Of course, those offices won’t be the same anymore as they were before the pandemic, because the requirements have changed, however comfort and quality will always be in demand. If once New Hanza territory was considered abandoned place, then today it is experiencing an active phase of development with private funding, cleaning the territory, laying utility networks, building streets, renovating the culture venue Hanzas Perons. With every new project, New Hanza grows becoming a deeply individualisting and strong place of its own brand. A place, which is already and will be even more important in Riga,” says Edgars Miļūns, CEO of Pillar Capital, AS.

The new building will have a core part of 6 floors and a tower part of 12 floors. The leasable are will amount to 12 680 m², while the total floor space of the building will be 16 700 m². It is going to be an A-class almost zero emission building. For the convenience of tenants, there will be 100 parking lots, of which 65 – indoors, as well as some electrical vehicle charging stations. Nearby there is one more parking offering about 500 parking spaces. At the building there will be also bicycle parking for 330 bicycles and electrical scooters, of which 175 - indoors.

General contractor of the office building is Pillar Contractor, while design works are managed by Pillar Architekten, and the architecture part of the construction project was developed by architecture office MARK Arhitekti. It is planned to complete the construction by the end of 2022. Maintenance and management of the building is going to be ensured by Pillar Property Management.

New Hanza territory is a gate to the new central business neighbourhood in Riga’s Skanste district. Currently here on 24.5 ha of land there is already a network of streets build with underground utility lines for future development needs. There is an already operating multifunctional event venue Hanzas Perons at New Hanza territory, hosting all kinds of culture and art events. Also there is a project of Latvian Museum of Contemporary Art, developed by the UK’s architecture office Adjaye Associates, ready for construction at New Hanza territory. In the upcoming years it is planned to continue the development of the territory, offering people one more modern urban life space.

Pillar Capital, AS is a company founded in 2006. The objectives of its operation include investing own and third party funds in commercial and residential real estate objects to achieve sustainable increase in income from renting the premises and enlarging of the value of properties. Company’s portfolio of commercial properties includes office buildings at VEF neighbourhood, offices at 23 Elizabetes Street and 275 Brīvības Street, logistics park A6, culture venue Hanzas Perons and other properties at New Hanza territory.