Bank Hapoalim is negotiating a series of deals for the sale of 7,600 sq.m. of office space in Tel-Aviv, Ramat-Gan, Haifa and Karkoor, at a consideration of $8 million. The offices being vacated will relocate primarily to the Rubinstein Towers and to the four office storeys of the Elrov Tower building on Rothschild Boulevard. Most of the buildings are old, and the prices are therefore low.
The former Isracard House, at Rama junction in Ramat-Gan, will be sold for $2 million. The building has 2,100 sq.m. of commercial space and a 1,000 sq.m. basement. Isracard has moved to Isracard House, at 40 Hamasger Street.
A 1,500 sq.m. building on 69 Pinsker Street, corner of Dizengoff Square in Tel-Aviv, formerly the Logistics Division, is about to be sold for $2.8 million. The bank is due to close a deal for the sale of 370 sq.m. at Dizengoff Centre (formerly the offices of the bank’s provident funds) for $500,000. Contacts are underway for the sale of another 730 sq.m. in another part of Dizengoff Centre, formerly the internal auditor’s office, for $750,000. The bank is also about to sell a 540 sq.m. commercial basement at 70 Ibn Gvirol Street, its former training centre, for $550,000.
A 1,200 sq.m. building at 28 Hanevi’im St, Haifa, formerly the bank’s head office in that town, will evidently be sold for $1.2-1.5 million. The branch has moved to a 1,000 sq.m. building at the Armon Tower, which the bank formerly purchased from Israel Theatres for $4 million.
The bank has also put its Karkur branch up for sale. This consists of 285 sq.m. on 900 sq.m. lot. The bank is also offer a one dunam (1/4 acre) lot in Rishon Le-Zion east for sale.
The deal in which Bank Hapoalim was to sell Yahav bank the central management building of the America-Israel bank in Tel-Aviv has been cancelled. "Globes" heard this at the end of the week from the Bank Hapoalim spokesperson. Yahav bank was not prepared to pay the $10 million demanded by Bank Hapoalim. The building consists of 2,000 sq.m. on four storeys, and another 400 sq.m. commercial storey at 28A Rothschild Blvd Tel-Aviv. The building fell vacant when America-Israel bank was merged into Bank Hapoalim.
Bank Hapoalim transferred the building to the management of Revadim, its properties companies. Revadim last week issued a tender for the sale of the building and the deadline for tendering bids in August 29. The tender did not set a minimum price.
Published by Israel's Business Arena August 22, 1999