INVL Baltic Real Estate begins conversion of former Pramogų Bankas building into Talent Garden Vilnius space
INVL Baltic Real Estate, a real estate investment company, will open a second Talent Garden Vilnius coworking space in the building historically known as both Pramogų bankas and the Pergalė cinema. Refurbishment works on the building, located on A. Stulginskio Street in the capital, will start in January, and the space will open to tenants at the end of 2026.
“The success of the first Talent Garden Vilnius space, launched in 2020, encouraged us to look for a location for expansion as early as the beginning of 2022. After an extensive search, we decided that we could not find a better option than the former Pergalė cinema. The decision was driven by the excellent location, non-standard interior spaces with 7-metre high ceilings, and the building’s unique history and architecture,” says Vytautas Bakšinskas, real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
According to him, the building’s redesign began immediately after its acquisition in 2023, with solutions developed in collaboration with architects for more than two years.
“We have managed not only to preserve the valuable features of the building with respect but also to design workspaces that meet modern requirements. By renewing and illuminating the façades, we will revitalise this well-known building,” adds V. Bakšinskas.
Focus on heritage and modernity
During the major refurbishment, both the interior and exterior of the building will be thoroughly renewed. Additional windows are planned for the side façades, and in the mansard, standard skylights will be replaced with panoramic ones. The tiled roof covering will be replaced with copper sheet metal, and the façades, as well as all engineering systems, will be updated.
The coworking space will occupy the entire building, whose usable area after the refurbishment will reach 3,500 sq. m. Clients will be offered 325 workstations, most of which will be located in private offices for 4–8 people; a total of 48 premium-class private offices will be built.
The new space will stand out for its rich infrastructure. It will include 20 meeting rooms, an impressive 300 sq. m kitchen, numerous dedicated areas for calls, lounge and games rooms, a reading room, and other spaces designed for collaboration and work.
“Since its establishment, Talent Garden Vilnius has become a platform for international companies entering the Lithuanian market. These organisations highly value employee well-being, operational efficiency, and infrastructure quality. We have successfully met these requirements and created an environment that meets the highest standards. The new Talent Garden will raise the bar even higher – we are ready to offer more flexible and innovative solutions for fast-growing businesses and start-ups,” says Artūras Bulota, Partner and Head of marketing at Talent Garden Vilnius.
The authors of the building’s major refurbishment and heritage protection project are UAB Senojo miesto architektai, while the concept for interior spaces and design was created by architecture studio Plazma. The construction works will be carried out by a team of experienced contractors: UAB Sivysta, UAB Sumani inžinerija, UAB Elneda, and UAB Elteros projektai. Project management will be handled by UAB AZCM.
About INVL Baltic Real Estate
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, the Pramogų bankas in the centre of Vilnius, and the 52-ha of land in Dommo Logistics and Industrial Park by the juncture of highway A8 and the A5 Riga bypass road. The company’s properties had occupancies of 82% to 98% at the end of September 2025.
INVL Baltic Real Estate currently owns properties with a total area of 19,600 sq. m., the value of the real estate at the end of September 2025 was EUR 47.4 million.
Since its launch as a collective investment undertaking (on 22 December 2016), INVL Baltic Real Estate has been one of the Baltic real estate funds open to retail investors with the highest stable returns. Since 2016, the INVL Baltic Real Estate has paid a total of EUR 2.38 in dividends per share to investors.
INVL Baltic Real Estate is a closed-ended investment company managed by INVL Asset Management, the leading alternative asset manager in the Baltics. It will operate as a closed-ended investment company until 2046, with the possibility of a 20-year extension.
About INVL Asset Management
INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development.
We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages or has under supervision EUR 2 billion of assets across multiple asset classes, including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia, and Estonia, managing pension funds in Latvia, and investing in global third-party funds. For further information, visit .
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company
Vytautas Bakšinskas
E-mail
