Israeli real estate company Bayside Land Corp. Ltd. (Gav Yam) (TASE:BYSD1) announced on Friday that it has signed an agreement with Apple to lease an overall 44,000 square meters and 650 parking spaces in its O2 campus in Herzliya Pituah between Maskit, Gaglaglei Haplada and Medinat Hayehudim Streets. Bayside will build the office space alongside the existing building.
The seven year lease will begin from the completion of the building, which is scheduled for 2025, with an option to extend the lease for another 12 years. The lease will yield Bayside annual net operating income (NOI) of NIS 49 million.
The current buildings on the O2 campus, which were completed in 2015, encompass 31,000 square meters above ground and 27,000 square meters underground, with large west and east wings, as well as a small two-floor wing, upon which the new construction will be built. The architect for both the existing campus and new construction is Avner Yashar.
Bayside is engaged in income producing property and plans, designs, develops, builds (through contractors), markets, leases, maintains and manages high-tech parks, business and industrial parks, office buildings, logistics centers, commercial centers and car parks. Bayside's business and tech parks include MATAM in Haifa (in partnership with the Haifa Economic Development Company, Gave Yam Center Herzliya, Gav Yam Park North Herzliya, Gav Yam Park in Beersheva, Gav Yam Park Rehovot and Ofek Park in Lod.
Published by Globes, Israel business news - en.globes.co.il - on November 21, 2021.
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