
Reconstruction of the historic building of the former Marat knitting factory will begin at Tartu Highway 63 in Tallinn. As part of a thorough renovation, two more floors will be added to the building. This will be the historical building of the knitting factory. Photo: BOA/LHV
Reconstruction of the historic building of the former Marat knitting factory will begin at Tartu Highway 63 in Tallinn. As part of a thorough renovation, two more floors will be added to the building.
During the reconstruction, all finishing layers will be removed down to the frame, while the historical value and features of the former industrial building will be preserved as much as possible. As a result of construction work, a modern building with a new facade, technical systems and interior decoration will appear on one of the central highways of the city. Two new additional floors will provide penthouse-style office space with stunning views and large roof terraces.
The building is owned by the LHV pension funds, which acquired Marati Maja in 2020 for its commercial property portfolio with two goals: to generate stable rental income and, when the time comes, to add an extension to the building to increase its value.
The Marat knitting factory building will not change beyond recognition, but will become much more attractive and modern. Photo: BOA/LHV
“Over the past few years, construction prices have fallen by almost 15%, so we are starting a major redevelopment in much better conditions than before. We decided to completely reconstruct the building rather than demolish it for two main reasons: it is an industrial building with a unique architecture, very high ceilings of 4.6 meters and an area of up to 2,800 m2. Secondly, a complete renovation has almost half the environmental impact of constructing a new building of the same type,” explains Wright Rijm, Head of Real Estate Investments at LHV Pension Funds.
The former Marat knitting factory, built in 1952, last underwent a major renovation 14 years ago. At that time, the production building was converted into an office building, and its new feature was a façade covered with white ceramic tiles.
The existing building will be raised by two floors. Photo: BOA/LHV
“We are using the opportunities of the economic downturn to our advantage, and in two years we will be able to offer unique and fresh rental space in the center of Tallinn,” added Rijm. Even before the start of construction, lease agreements have already been concluded for almost 30% of the building's area.
In total, the building will have about 16,000 m2 of rental space. The main purpose is office space, as well as premises for trade, catering, service and warehouses. For people working in Marati Maja, there will be a relaxation area with a sun terrace on the roof, and for lovers of bicycles and light mobility – spacious changing rooms and showers. Following the refurbishment, the building will achieve energy class A and there are also plans to apply for BREEAM certification for sustainable properties at Excellent level.
The building design work was carried out by the architectural bureau BOA, which won the architectural competition, the construction is carried out by Tallinna Ehitustrust OÜ, the construction is partially financed by a bank loan. The total investment cost will be 24 million euros.