Green light from Riga City: Capitalica Asset Management begins construction of Verde C and D
Today, 10 September, the Riga City Council’s City Development Department has issued a building permit to investment management company Capitalica Asset Management for the construction of the third and fourth phases of Riga’s greenest office complex – Verde – located at Hanzas ielā 14F. This means that already in September, the first stage of development will begin – the 1.1-hectare site will be fenced, and preparation and zero-cycle construction works will commence. More than EUR 70 million will be invested in the new C and D buildings, which are designed to meet the highest BREEAM Outstanding sustainability standards.
Andrius Barštis, Chairman of the Board of Capitalica Asset Management emphasizes: “Obtaining the building permit for such a large-scale project as the new phases of Verde in just three months is far more than a formal step in the construction process. This significant milestone is a testament to our strong belief in Riga’s future as a modern and internationally competitive business center in the Baltic region. With the upcoming C and D buildings, we are raising the bar for the entire office segment, introducing modern sustainability and architectural solutions in Latvia. Designed to achieve the highest BREEAM Outstanding certification, these buildings will not merely provide A-class office space – they will create an inspiring environment that encourages people, empowers companies, and establishes the greenest business quarter in Latvia.”
The C and D buildings will expand the Verde complex by 37,000 m², including 22,500 m² of leasable A-class office space and capacity for around 2,500 new jobs – further strengthening Verde’s position as one of Riga’s most modern and sustainable business district. The third phase is scheduled for completion in Q1 2027, followed by the fourth in Q2 2028.
This development is being implemented by the Capitalica European Office Fund, which specializes in sustainable office projects across the Baltics. Once all phases are completed, Verde will offer more than 50,000 m² of A-class offices for up to 5,500 professionals, with a total investment of approximately EUR 150 million – becoming the greenest business quarter in Latvia.
Building permit – in record time: just in three months
The general contractor for the new phases is Capitalica Industries, a company within the Capitalica Asset Management group. The construction processes are coordinated by Elīna Strīka, under whose leadership the design and approval of the C and D buildings with the responsible Riga authorities was recently completed at an exceptionally fast pace – in just three months from the approval of the initial project design.
The architectural design of the C and D buildings was developed by Latvian architecture firm ARHIS ARHITEKTI under the leadership of Jānis Zvejnieks. Construction supervision will be carried out by Baltic Construction Consultancy.
Jānis Zvejnieks, ARHIS ARHITEKTI, highlights: “The Vibrant Vision of Verde is Venturing in the Valid Vector! Six ‘V’s describe what has been achieved – the project was approved and the building permit issued in just three months. Many thanks to the outstanding team – the client, 31 designer, experts, city engineers, the National Heritage Board, and the City Development Department – for their excellent collaboration during this active and strategically important period”.
Unique features of the new Verde buildings
Sustainability remains a top priority for Verde: the new C and D buildings will feature 3,000 m² of rooftop gardens that promote biodiversity, enhance well-being, and offer panoramic views over Riga, while rooftop solar parks will boost energy efficiency. Both buildings will meet the highest BREEAM Outstanding standards. In parallel, two historic houses within the site – part of Riga’s UNESCO-listed center – will be carefully restored, preserving their authentic architecture and cultural significance, while integrating them into a modern, sustainability-driven business environment that enriches the Verde district’s identity.
Office space available for lease – now
Office spaces in the upcoming Verde C and D buildings are already available for lease – starting from 100 m² up to 2,000 m² on a single floor or across multiple levels. Tenants can customize layouts to suit their needs: open-plan, individual or hybrid workspaces. Premises can be equipped with quiet zones, modern kitchens, meeting rooms, and lounge areas. Leasing is managed by Colliers Baltics. More information: https://verde.lv/en/verde-cd-buildings.
Opportunities for investors
With the development of the C and D buildings, Capitalica Asset Management is open to cooperation with new investment partners. Investors can join the Capitalica European Office Fund with a minimum investment of EUR 125,000 and benefit from an expected annual return of 12–15%. This is an opportunity to become part of a strategically important, future-oriented project by investing in high-value, sustainable, and professionally managed real estate.