Mivne Real Estate (TASE: MVNE) reported today that it has signed an agreement with Fattal (TASE: FTAL) co-working space companies Rooms and Switchup to lease 25,000 square meters in the Hasolelim project office towers on Yigal Alon Street in the heart of Tel Aviv's business district near the Hashalom Interchange. The deal is worth NIS 500 million over 11 years.
The agreement included leasing an entire 13-floor building and several more floors in an adjacent building. The lease is for 129 months with options to extend to 170 months. The annual rent for the first 11 years is NIS 45 million, which breaks down to NIS 151 per square meter per month without interior decoration.
Hasolelim project next to the Hashalom railway station includes housing units, offices and commercial space. It will include a 37-floor building and two 13-floor buildings with a total of 70,000 square meters of office space as well as two 33-floor apartment high-rises with 360 apartments in each and 3,200 square meters of commercial space on the lower floors.
The project is currently under construction with 95% of the shells of the buildings completed. According to the company's timetable the offices will be ready for occupancy in January 2026. The project is supported by Moore Yaskin Sivan (MYS) Architects and interior design company Dana Oberson Architects. Mivne was represented in the deal by the legal department of Mivne Group and Fattal was represented by Adv. Yoav Kramer of the Abadi Oiknine & Co. law firm and Keinan & Co. together with Adv. Alex Lazarovich of the Gornitzky (GNY) law firm.
Published by Globes, Israel business news - en.globes.co.il - on September 22, 2024.
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