Luminor Bank has granted €7.5 million in financing to real estate developer Berzins Investment Ltd for the construction of a modern office building in Riga. The planned mixed-use building will be located at the intersection of Miera and Brīvības streets, next to the Dailes Theatre – one of the most visible and central locations in the city. Total investment in the project will reach up to €11.5 million, with the developer contributing €4 million from its own funds.
The new office building will offer next-generation office premises with a total building area of nearly 5,000 m2 and an efficient layout tailored to modern business needs. Retail premises with direct street access will be located on the ground floor, alongside underground parking facilities and storage space. The eight-storey building is scheduled for completion in 2027.
“We are pleased to continue our cooperation with this group’s company, Ltd Vaļņu 1 – this is the third large-scale real estate project to be built with Luminor Bank’s co-financing for this group of clients. Riga city centre needs sustainable and energy-efficient office spaces that can attract investment and support business growth. This project stands out due to its strategic location and high-quality standards, as evidenced by the project’s progress towards receiving the BREEAM Very Good certificate. By supporting experienced local developers, we are contributing to the creation of a more modern and attractive urban environment in the capital,” says Ilze Zoltnere, Head of Corporate at Luminor Bank in Latvia.
Miera Street is characterised by significant pedestrian and vehicle traffic and has long held an important place in Riga’s urban landscape. Historically, the site was home to the well-known “Karstā maize” bakery store, remembered by many Riga residents for the aroma of freshly baked bread and the queues of customers it regularly attracted. The development of the new building will revitalise a long underutilised plot of land and integrate it into the surrounding urban infrastructure.
“Our group of companies has been operating in the market for more than 30 years, with office development forming our core area of expertise. Until now, we have primarily focused on the renovation of historic buildings, including the property across the street at 2 Miera Street, which was fully leased shortly after renovation. The development of the new business centre at 1 Miera Street marks a strategic next step for us. We see that companies increasingly value high-quality working environments, aesthetics and energy efficiency. Although the structural framework of the building is still under construction, interest in the project is already strong, and part of the premises have already been pre-leased. At the same time, this stage of development offers the greatest flexibility for attracting new tenants, as we are still able to adapt layouts and technical solutions to the specific needs of future occupants,” says Arnis Gromovs, representative of Berzins Investment Ltd.
The author of the project is the architectural firm Lauder Architects, and the construction work is being carried out by the association 3A. In addition to adding a distinctive architectural accent to Riga’s cityscape, the building will offer flexible office solutions, allowing a single floor area of approximately 550 m2 to be divided into up to four separate units, ensuring a diversified and stable tenant mix.
