“Z Towers” Officially Announces the Beginning of High-Class Offices Lease

Z Towers business complex is located right in the heart of Riga on the bank of the Daugava River, just in a few minutes drive from Riga International Airport and Old Town. The complex will contain both A- and VIP-class offices, several conference rooms, business centres, luxury Sheraton Hotel, boutiques, restaurants, cafés, beauty salons, SPA centre and health club, as well as a helicopter landing pad on the roof of the office tower.

The construction of Z Towers business complex has started in August 2006. The project implementation is planned in two phases – the 0 cycle including the foundation and four-storey underground parking facilities will be accomplished in summer 2008. At the end of summer 2008, as per construction schedule, the second phase will begin – the construction of both towers and the facade. It is planned to put the Z Towers multi-functional complex in operation in the first quarter of 2010, when the Sheraton Riga Hotel and Z Towers office tower will open their doors for business. The ambition of the project is to make Z Towers complex not only an influential business centre, but also a project with a remarkable architectural value among the high-rise buildings in the Baltic States.

At the moment, the final strengthening touches are being put on the foundation and parking facilities with an application of a technique that is currently unique for Latvia – the top-down construction method. The excavation works have recently finished – in total, 95 000 cubic metres of soil have been excavated over the last year and the foundation strengthening works still continue: last week alone, 30 hours of uninterrupted works saw 2000 cubic metres of concrete poured for the buildings’ foundation.

Bradley Gee, Chairman of the Board of “Z Towers” Ltd., emphasizes: “Z Towers is a unique project in the Latvian office market. Since the project announcement, new standards, new quality and a new concept of high-rise buildings – “office + hotel” – were introduced to the market. This project is a big step forward in absolutely all sectors of the industry and, based on my international experience, I can say it is comparable with other projects of a world-wide significance. We are pleased by the interest expressed by potential tenants and by the lease agreements that have already been signed.”

“Re&Solution” Managing Director Raitis Nešpors comments: “Z Towers complex will give Riga business community a new perspective. Complex development will contribute to filling the void that currently exists in the A- and VIP-class offices sector. Hence, it will facilitate the creation of infrastructure consistent with quality and prestige required by large domestic and international companies. No doubt, Z Towers will mark and reconfirm Riga’s status as a business metropolis.”

“Re&Solution” is an international finance and real estate consulting company, operating in Latvia, Lithuania, Estonia, Ukraine and Denmark. “Re&Solution” has become “Jones Lange LaSalle’s” alliance partner in the Baltic States since September 2007. More information about the company can be found at http://www.resolution.lv