NREP – New Noli Studios to Katajanokka and Otaniemi

We advised NREP in two Noli Studios real estate development projects. The projects consist of realising new properties under the Noli Studios concept in Katajanokka, Helsinki, and Otaniemi, Espoo.

The real estates of both properties were purchased from the Finnish state, which was represented by Senate Properties in the transaction. Our advice also covered the negotiations on the construction and lease agreements, among other things.

The office buildings in Katajanokka were previously used by Finland’s Ministry of Foreign Affairs. In the Katajanokka premises, 226 studios will be built, making the existing Noli Studios Katajanokka and the new Noli Studios Kanavakatu one of the biggest hotel complexes in Finland. The estimated completion time for the project is by the end of 2023.

The Maarinrannantie site in Otaniemi is a new construction project. It comprises a 15-storey hotel building with more than 400 studios and a single-storey commercial building with a grocery store. The estimated completion time is in the first half of 2024.

The construction of these Noli Studios sites supports NREP’s commitment to be carbon neutral by 2028. The aim is to achieve a Platinum-level LEED certification for both Noli buildings and a Gold-level LEED certification for the commercial building in Otaniemi. The building in Otaniemi will be heated using geothermal energy, and it will also utilise heat recovery and solar energy extensively to produce its own electricity.

NREP has developed Noli Studios in Finland, and they have grown to be one of the most significant operators in the field. Urbanisation has increased the need for new kinds of solutions for living, and Noli Studios match these needs by combining the comforts of home and services of a hotel.

Photo: Avarrus Arkkitehdit Oy