A 16.5 Million Modern Office Building Rising on Reidi Road

Bigbank provided a loan of 16.5 million euros to EHC Lootsi OÜ for the construction of a 12,000-square-meter commercial and office building on Reidi tee.

According to Kristi Aulik, financial director of EHC Lootsi OÜ, the address Lootsi 8 currently houses three buildings with a total of approximately 6,300 square meters of commercial and service space available for rent. "The new office building will be an extension to the existing limestone buildings, which will increase the rental space to a total of 12,000 square meters. The building will be renovated, the existing architecture will be preserved, and commercial and office spaces will be added," explained Aulik.

According to Aimar Roosalu, head of Bigbank's corporate banking unit, Tallinn has gradually redirected traffic from Narva maantee to Reidi tee, which provides significantly faster access to the city center, North Tallinn, and Õismäe. "The completion of Reidi tee opened new business opportunities, and the area will see new residential and commercial spaces in the future," said Roosalu.

"The port area has always been a very popular commercial district with plenty of tourist traffic. The construction of a new office building in the Lootsi 8 quarter continues the positive development in the area adjacent to the port, where, for example, the Rotermanni and Porto Franco quarters are located. There is already great interest in the rental spaces at Lootsi 8," said Roosalu.

"For Bigbank, signing a 16.5-million-euro loan agreement with EHC Lootsi OÜ is an important step in growing our market share in office space financing," added Roosalu.

EHC Lootsi OÜ has managed the commercial and retail spaces at Lootsi 8 since 2012, and the extension will include four above-ground floors and an underground parking lot. Construction of the building has begun, and it is scheduled to be completed in March 2023. The architectural design of the building was created by Tormi Sooväli architectural bureau, and it will be constructed by Tallinna Ehitustrust OÜ.

The sales partner responsible for leasing the new space is UUS MAA | CAPITAL real estate office, led by broker Leena Kreitner.