The Iskal group has rented, from private concerns, a four storey building with adjacent areas, totalling 1,8000 sq.m. altogether, on Hashiloach Street, corner of Haodem in Kiryat Matalon, Petah Tikva. The group will pay $11.5 per sq.m. per month, linked to the Consumer Price Index, under a five year contract with an option to extend for another five years, paying a 5% rent increment on exercise of the option. It also rented twenty four parking places at $75 per month, on similar terms. The deal, one of the biggest in the district in the past year, was made through Yossi Mashiach, industrial department manager at Reshef Properties.
Iskal is transferring its central management to the building. Some of its offices had hitherto occupied an area of 600 sq.m. in the A.A. Marot building, Rishon LeZion West, at a rent of $12 per sq.m. per month. It also rented offices at the Sasson Chougi building on Medinat Hayehudim St., Herzliya Pituah, at $15 per sq.m. per month. Iskal is a controlling shareholder or partner in high-tech companies, a travel agency, Michlol Financial Services and others.
In another large transaction, reported by "Globes" on Thursday, MALAL is about to rent 2,000 sq.m. in the Galdani building in Kiryat Aryeh, for $9 per sq.m. per month, relocating from Tel Aviv. Rent is relatively low, due to the location of the building.
Mashiach told "Globes": "Prices in Kiryat Matalon and Kiryat Aryeh, of Israel's biggest high tech and pharmaceutics centres, have stabilised recently, following a 15% downturn. Today, space is being rented at $12 per sq.m., compared to a peak of $14-14.5.
Published by Israel's Business Arena March 7, 1999