Motorola Israel Ltd. has completed its move from Tel Aviv to Airport City. After investing more than NIS 100 million in redesigning and rebuilding its new premises, the company is vacating its nine-storey premises in the Kremitzky lot on Yigal Allon Street in Tel Aviv.
Motorola Israel operated out of its Tel Aviv offices since the company was established in 1964. In 2006, the company signed a lease with Airport City Ltd. (TASE:ARPT) for a 40,000-square meter five-storey building, and 1,600 parking spaces. The building was built to the company's specifications, including 30 laboratories and a library. It complies with US LEED (Leadership in Energy and Environmental Design) standard for green building.
Motorola Israel will complete the move of 1,000 employees to the new premises by the end of the month.
Motorola Israel leased the building for 25 years and has an option to extend for ten years, at NIS 28.4 million in rent a year. Airport City valued the building at NIS 171.4 million at the end of 2009.
Motorola Israel CEO Shimon Dick said, "The new building is not only one of the largest buildings in the Israeli high-tech industry, but also one of the most technologically advanced, specious, and comfortable for employees. It is environmentally friendly. All these innovations constitute a high-quality infrastructure for a competitive technological environment, and open a new era for the company in Israel, after half a century of fruitful activity in Tel Aviv."
Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2010
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