Vastint Lithuania and Mitnija, the largest construction company in Lithuania, have signed an agreement on the first stage of Business Garden office park in Vilnius. Its total area will be 55,000 m2 – 42,000 m2 for two office buildings and another 13,000 m2 for an underground parking garage. Mitnija will start construction immediately and complete it in June 2021.
Business Garden Vilnius will be built on a 6.2 ha site on Laisvės Avenue, near the Lithuanian Exhibition and Congress Center (LITEXPO). There will also be extensive recreation areas connected with the nearby Lazdynai forest, outdoor playgrounds, pedestrian and cycling paths, cafes and restaurants on the property.
Kęstutis Vedeckis, Managing Director of Vastint Lithuania, says that Business Garden Vilnius has been developed under an innovative business park concept of the Vastint group. “Using modern architectural and technological solutions, we will create convenient and healthy work spaces, and sustainable construction and energy efficiency solutions will significantly reduce the energy costs of the buildings. Also, in developing this project we ensured that the business park complies with LEED Platinum energy and environmental design requirements, so that people can enjoy a healthy and convenient work environment.”
Mitnija’s CEO Julius Gendvilis says that this order is yet another recognition of the company’s professionalism and leadership in building large projects. “We have accumulated an especially rich experience of building office projects for the most demanding investors from Lithuania and abroad. Since 2016 alone, we have completed or are currently building office projects whose total area amounts to 140,000 m2. I am certain that we will also complete this large order from Vastint on time and within the agreed budget.”
Jurgita Šilaikytė, Head of Brokerage for Lithuania at the international real estate advisory company Newsec, says that current 650,000 m2 Vilnius office market is now expanding rapidly. The market will grow to 800,000-900,000 m2 in 2 to 3 years. Office developers take growing market competition into account and therefore give more attention to originality, sustainability, and environmentally friendly design.
“Eight out of ten employees ask for green spaces next to their office. The establishment of such spaces not only helps companies to keep their current employees but also to attract new ones. The concept of Business Garden Vilnius shows that business park trends are changing, and that the current priorities, such as sustainability, friendliness to the landscape and city, attention to the community, and social responsibility are of the greatest importance,” this real estate expert says.
The Business Garden Vilnius project has been developed under the Business Garden concept of the Vastint Group. This will be Vastint’s sixth business park project in Europe adapted to the needs of large tenants, such as service centers, IT companies or large government institutions.
Mitnija is the largest construction company in Lithuania. In 2018 its revenue amounted to EUR 106 million; the company has more than 330 employees. Mitnija builds commercial, industrial, infrastructure and residential projects. The company’s home market is Lithuania. In 2016, the company started operations in the United Kingdom and Latvia; it is considering further expansion into stable European markets. Mitnija is certified and working in compliance with ISO 9001 international quality management and 14001 environmental management standards.