Finnforest Modular Office foundation stone laid in Tapiola

08/09/2004

Espoo City Mayor Marketta Kokkonen laid the foundation stone of the tallest
wooden office building in Europe on September 3rd 2004 

Finnforest's Modular Office project is advancing on schedule. The building site
agreement was signed with the City of Espoo 10.6.2004, and work started on the
groundwork for the foundations the very same day. Finnforest is responsible for
the development as a whole, for delivering and installing the wooden
structures, components and facades, and for the overall functionality of the
completed building. Peab Seicon is the contractor for the ground and concrete
work, and took care of the practicalities in the ceremonious laying of the
foundation stone. 

One of the Modular Office project's most important aims is to promote and
market the use of wood in building construction, and particularly to
demonstrate the competitiveness of wood structures and materials in modern
office construction. When the building is completed in summer 2005 it will be
the tallest wooden office building in Europe. 

“Residential construction accounts for about half of the new building start-ups
in Europe and office building for almost one fifth,” says Lauri Palojärvi,
Finnforest's Director of Building and Construction. “Wood is well established
as a construction material for single-family houses, but other competing
materials dominate the markets where office buildings are concerned. So we need
a convincing demonstration of the opportunities wood offers, particularly as a
material for structural frames and facades.” 

Both in the construction work and in the functioning of the completed building,
Finnforest Corporation's Modular Office project pays particularly close
attention to both energy and water economy, waste disposal, air quality, and
the life span and sustainability of the building and its component parts. 

Two Tapiola Group insurance companies will own the Modular Office

“Tapiola General Mutual Insurance Company and Tapiola Mutual Pension Insurance
Company are investing in the Finnforest Corporation office building project
that is starting to be realised in autumn 2004,” says Tapiola's Real Estate
Director Asko Salminen. “As well as fulfilling the Tapiola Group's investment
criteria with regard to security and profitability, the project also furthers
the Group's environmental strategy. Just like the wood industry experts who are
going to be located in the new building, we believe that the workplace
environment being created will offer the office occupants new, enjoyable and
healthy frameworks for their activities.” 

The office has been designed by Helin & Co Architects, whose “Sydänpuu”
(“Heartwood”) proposal won the architects' competition to design the building
in September 2003. The developer is Kiinteistö Oy FMO. Under an investment
agreement, the entire share capital will be transferred from Finnforest's
ownership to the Tapiola Group's indemnity and pension insurance companies when
the building is completed. Finnforest Corporation will then become one of the
office tenants.