09.05.2025
The total investment in the Marat House, owned by LHV pension funds, will amount to nearly 40 million euros, making it the largest direct real estate investment by Estonian pension funds to date. The building is scheduled for completion in the spring of 2026.
According to Rait Riim, the Head of Real Estate Investments of LHV Pension Funds, LHV is the only pension fund manager in Estonia making direct investments in domestic real estate, thereby contributing to the development of the local living environment. ‘The Marat House is a prime example of the intersection between investment, architecture, and the future urban landscape. Without a doubt, this historic and dignified building will, once renovated, become one of Tallinn’s most modern office spaces, where industrial architecture meets cutting-edge technological solutions,’ Riim said.
Riim emphasised that preserving historical heritage has been a key priority in the redevelopment of the Marat House. This meant rejecting the simpler and often more common approach of demolishing the old structure to build something new. ‘On the one hand, the high ceilings and large windows of the former industrial building give the new office spaces a unique character that few downtown offices can rival. In addition, we value sustainability and aim to minimise the environmental footprint of the construction process,’ Riim explained the background of the decision.
The building will have seven floors and offer 16,000 square metres of leasable space. According to Riim, the Marat House aligns well with today’s fast-paced and mobile lifestyle, where convenience is paramount. ‘We want everything tenants need to be within easy reach, because time is a limited resource,’ Riim stressed.
The anchor tenant will be Stora Enso Eesti, one of the most respected forestry industry companies in the Nordics. Kati Kilk, a member of the management board of Stora Enso Eesti, stated that the Marat House brings together all the essential elements and values of a modern office space. ‘Bright and spacious work areas, innovative technological solutions, a café on the ground floor, a shared rooftop terrace, a convenient bicycle parking area, and excellent accessibility are just some of the reasons why we chose the Marat House,’ Kilk said.
According to Oliver Alver, Deputy Head of the Tallinn Urban Planning Department and architect, the renovated Marat House will bring added value to Tallinn's urban space, both architecturally and economically. "The important thing is not to build a new building on an empty site, but to improve the quality of the existing one. It often seems easier to demolish than to achieve a new quality through renovation."
From the second to the seventh floor, the building will house modern office spaces, while the ground floor will feature retail and service areas. The building meets Class A energy efficiency standards and will be certified under the international BREEAM green building certification system. Renovation work is being carried out by Tallinna Ehitustrust OÜ.
Learn more about the Marat House here: https://maratimaja.ee/
A gallery of the event can be found here (photos by Harry Tiits).
3D models of the building can be found here.
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