“Both buildings in the Park Town business centre complement one another – it is a combined project, which we sought to sell to a single owner,” Darnu Group CEO S. Survilaitė-Mekionienė commented. Just as with the first building, the East Hill part of the Park Town business centre has been fully rented out after the sale.
“The excellent adherence to contemporary business centre requirements and the flexible attitude to the needs of the working have led to the business centre being rapidly filled. It is clear that there is still a lack of modern offices of the highest class in Vilnius. This led to our desire to augment our real estate portfolio with the Park Town business centre,” UAB Zenith AM property manager Jurgita Viršilienė says.
East Hill sale is the first post-lockdown novelty in the Baltic States’ real estate markets
“High-class offices play a confident first fiddle in investors’ wish lists, so it comes as no surprise that the sale of the Park Town building East Hill is the first novelty in the Baltic States’ real estate markets. While this sale was agreed upon far earlier, it is worth noting that despite the current atypical circumstances, the contract received bank financing, and the agreed-upon schedule was not diverged from,” said Neringa Rastenytė-Jančiūnienė, the head of the investment transactions group at the real estate consultancy Newsec, which acted as an intermediary for the transaction.
The bank Luminor also significantly contributed to the agreement, providing long-term financing for the company purchasing the East Hill building in the Park Town business centre.
“We are glad to be able to contribute to investment in the Park Town business centre and believe that the building complex being held by a single owner will allow more effective management of it, offering appealing and quality services to existing and future tenants. The bank Luminor sees opportunity and is prepared to continue actively participating in the financing of real estate projects. We believe that our experience will allow offering business clients the most suitable financing solutions,” Luminor bank head of corporate banking Jonas Urbonas says.
Recognised companies settling in
The East Hill building features a conference hall of the highest standard, a new concept lunch restaurant, a cafe, and other businesses which fulfil the everyday requirements of employees.
Around two thousand people work in the two Park Town buildings. Its restaurant and cafe are open to all Vilnius guests and residents, as is the spacious, modern and stylish 400 square-metre terrace installed in the centre.
The first Park Town building has already been recognised with a sustainable use and high standards BREEAM New Construction Excellent certificate, and the second building is due to also receive this certification in the near future. Both buildings feature facades that are host to solar modules, a premise humidification system has been installed, individual workplace lighting and premise microclimate management solutions have been ensured.
When planning the building, significant attention was focused on the tenants who would be settling in, and they were offered broad capacity to plan their offices. The East Hill building is host to the companies Yara International, TIA Technology, MarkMonitor, Arctic Adventure, Glera Game, Saldi Kava, Mars Lietuva, the Lithuanian Basketball League, the attorney union Wint Law Firm, and in autumn, one of the country’s largest audit, tax and business consultancies KPMG Baltics, is also to settle in.
Legal consultations in the sale of Park Town were offered by the attorney firms Sorainen and Partners and WALLESS Burgienė, Rečiūnas and Partners.
Currently, Darnu Group unites more than 20 companies dealing in real estate, also managing a sports and health company group, as well as hotels. Last year, Darnu Group’s turnover reached 28.5 million euros and the value of the real estate it manages reached 200 million euros.
