Standing as the defining landmark of 21st-century Riga, Zunda Towers is Latvia’s first large-scale multifunctional development and one of the tallest complexes in the Baltics. Designed by world-renowned architect Helmut Jahn, the two-tower, 30-floor complex spans approximately 89,000 square meters of total built area on a prime 9,192 square meter site at the city’s most central point.
Offered at €230,000,000, the asset represents a roughly 30% discount to its estimated replacement value of €330,000,000, with approximately €30,000,000 of additional capital required to complete the income strategy. This structure provides a hard-asset floor and meaningful day-one downside protection, marking a rare core-plus opportunity at a scale and quality not seen elsewhere in the Baltic region. A range of financing options may also be available through both local and international banking institutions, subject to standard credit approval and transaction structuring.
The sale is being handled by Latvia Sotheby’s International Realty, a representative of one of the world’s most established luxury real estate brands. Sotheby’s International Realty traces its heritage to the Sotheby’s auction house, founded in 1744, and today operates as a globally recognized platform for the marketing and sale of high-end residential and commercial real estate. Within Latvia, the firm combines this international legacy with deep local market expertise, offering investors a trusted counterpart throughout the transaction process.
A Strategic Address in the European Union
Positioned at Riga’s most central point, Zunda Towers benefits from a location that pairs immediate urban prominence with broad regional reach across the Baltic and Nordic markets.
Riga: A Gateway Between EU and Nordic Markets
As the capital of Latvia and one of the key economic hubs in the Baltic region, Riga provides direct access to both European Union markets and neighboring Nordic countries, making it an ideal gateway for international trade and expansion. The city is supported by reliable digital infrastructure, an important seaport, and an international airport, alongside high-quality transportation and logistics networks. Latvia has been a member of the European Union since 2004 and sits within both the NATO and Eurozone jurisdictions, lending the location a measure of stability prized by international capital.
Ilze Mazurenko, owner of Latvia Sotheby’s International Realty, describes Riga as one of the most mispriced capital-city markets in Northern Europe.
A Modern Business Environment with Competitive Costs
Riga combines a skilled, multilingual workforce with competitive operating costs, offering lower labor and real estate expenses than many Western European capitals. The city supports a rapidly growing technology and startup ecosystem, underpinned by favorable tax policies and government initiatives that encourage innovation and foreign investment. A stable political environment and a high quality of life further help attract talent and sustain long-term business growth.
Inside Zunda Towers: Income, Hospitality, and Upside
The complex pairs stabilized recurring income with a signed hospitality anchor and flexible residential inventory, creating a diversified profile across its two towers and supporting podium.
Stabilized Income and a Signed Hotel Anchor
Tower One delivers immediate recurring income from A-class tenants, including financial institutions, IT companies, and state entities. Tower Two’s hospitality strategy is anchored by a signed lease with a recognizable hotel chain for a 149-room, five-star hotel on floors 20 to 30, complete with conference facilities, a spa, and a fitness center. A 7,449 square meter podium provides events, food and beverage, and retail space, supported by 628 underground parking spaces.
Flexible Residences and a Clear Development Pipeline
The lower residential floors consist of 133 apartments, 36 of them fully furnished, offering flexible optionality for branded residence sales, serviced apartments, or additional hotel inventory, and providing strategic income diversification. Beyond the existing footprint, adjacent land plots support a pipeline third tower of approximately 27,000 square meters of A-class offices, along with a roughly 10,000 square meter food market and commercial scheme, offering material long-term value creation.
A Rare Core-Plus Opportunity in the Baltics
Zunda Towers combines stabilized income, a signed hospitality anchor, flexible residential upside, and a clear development pipeline, all within a stable EU, NATO, and Eurozone jurisdiction. Offered well below replacement value and positioned at the center of one of the Baltic region’s most dynamic capitals, it represents a one-of-a-kind value-add proposition at a scale rarely available in the market.
For more information about this exceptional asset, contact Latvia Sotheby’s International Realty via the form below:
