M-building Construction Begins in Telliskivi Business District

Construction of the M Building, the largest development in Telliskivi TLN business district, is beginning. The approximately 20,000 square meter multifunctional complex will be completed during 2028 and will bring new offices, Inbank's headquarters, an urban spa, international exhibition spaces, and cultural, sports and service facilities to Telliskivi.

Telliskivi TLN, which is part of the P&E Real Estate group of real estate companies, has concluded a construction contract for the M Building with consortium partners Construction Company Rand & Tuulberg AS and Tallinna Ehitustrust OÜ. The construction work includes the renovation of the historic industrial complex located at Telliskivi 60/3 and the creation of new building volumes. The work will be carried out as a single integrated phase, with the complex expected to be completed in 2028.

"With the M Building development, Telliskivi business district is entering a very important next phase. The development connects the region's industrial heritage with contemporary workplaces, culture, wellness, sports and new services. Telliskivi will gain an active urban space that operates from morning to evening and provides a reason to come here for work, meetings, cultural enjoyment and leisure time," said P&E Real Estate board member Priit Seeman. "We have prepared this project for a long time, designing the M Building and the buildings and parks completed in recent years into a unified whole. A significant portion of the additional rental space is covered with future tenants, and we plan to gradually fill the remaining rental space over the next two years based on Telliskivi's long-term vision. The M Building is located at the center of Telliskivi's active area and provides an additional contribution to Telliskivi's attractiveness as a destination."

According to Ehitaja Rand and Tuulberg AS board member and development director Joonas Matteus, the M Building is a large-scale and significant undertaking. "We are building a complex of buildings in the city center, in Telliskivi, which is increasingly becoming Tallinn's own heart. Work is underway in the middle of a living urban space and is visible to everyone, so we are doing everything we can to ensure that the complex is completed according to plan and that the everyday life of the surrounding area can continue peacefully. We are pleased to do this together with Ehitustrust OÜ. We have also implemented large and complex projects together before and know that we can rely on each other."

The financiers of Telliskivi TLN are Swedbank AS and OP Corporate Bank plc Estonian branch, with a syndicated loan in the amount of 70 million euros financing the construction of the M Building and refinancing the existing bank loan.

"The development of Telliskivi TLN demonstrates what is possible when a strong concept is backed by a clear vision and consistent implementation. Swedbank has believed in this concept from the beginning and has been the development's financing partner throughout its formation process. Large and far-sighted developments are created through strong cooperation. We are pleased to continue our long-term partnership with P&E Capital and finance this project together with our new partner OP Bank, with whom we share faith in this development's long-term impact," commented the transaction Swedbank's corporate banking department head Mihkel Utt.

OP Corporate Bank Estonia sales director Marek Jõgi adds that the M Building is a good example of a development where long-term vision, the company's development needs and urban space planning form a whole. "For OP, it is important to be a partner to companies whose investments create long-term value both for their business and for the surrounding environment," noted Jõgi.

The M Building construction represents the final major phase of Telliskivi TLN's long-term development plan. In recent years, the K Building and Telliskivi Park have been completed in the business district, and the historic G and I4 buildings have been renovated. With the completion of the M Building, the daily car traffic in Telliskivi business district will be directed underground in the vast majority of cases, and the free-time space available on the street will be significantly expanded – the entire area will become a human-centered integral business, cultural and leisure city.

The above-ground part of the M Building consists of eight interconnected building sections. Approximately half of the development's rental space is made up of A-class offices. The remaining space is supplemented by a spa, exhibitions, sports, culture, entertainment, food service, retail and wellness services. A new parking building with an underground parking floor will also be built next to the complex.

In one seven-story building section, Inbank's headquarters will move in 2028. The urban spa planned for the business district includes approximately 2,000 square meters. The new complex will also feature permanent and technically high-level exhibition spaces that will allow Telliskivi to host international art and housing exhibitions with greater demands than before.

The development completes the construction of Telliskivi TLN

The M Building is located on the historic site of the former Baltic Railway main workshops. Telliskivi's industrial history dates back to 1870, when Reval railway main workshops were built in the area. The factory's main building and the production area surrounding it shaped the development of Tallinn's industry over the decades and provided work for hundreds of people.

The architectural solution of the M Building is based on the region's industrial character and connects the historic environment with new building volumes, public space, pedestrian pathways and green areas. The development strengthens Telliskivi's connection with the Baltic Station, Reisijate Street, Kalamaja, Pelgulinna and Tallinn's city center.

M Building key indicators

• located at Telliskivi 60/3, Tallinn;

• approximately 20,000 m² of rental space (total with the existing business district 46,000 m2 of rental space);

• after development, eight interconnected building sections M1–M8 will be completed;

• approximately half of the space is A-class offices;

• 2,000 m² urban spa;

• Inbank headquarters in the seven-story M2 building;

• cultural, exhibition, sports, entertainment, food service and retail spaces;

• new parking building;

• construction begins August 2026;

• completion in 2028;