Bank Hapoalim paid $19.5 per sq. m.
Sivan Computers of the Mashov Formula group, rented from veteran contractor R. Mintz a 4,300 sq. m. office building on 16 Tyomkin St. in central Tel Aviv, at $14 per sq. m. a month, index-linked, under a 10-year contract. Sivan will move its offices and businesses from 24 Sderot Yehudit in three adjacent buildings in the Montefiori neighborhood.
The building was previously leased to Bank Hapoalim’s computer and advertising divisions. The building fell vacant after the divisions were moved to Rubinstein Towers. Bank Hapoalim paid $19.5 per sq. m. a month. The relatively low rent to be paid by Sivan is yet another indication of the weakness plaguing the rented office space market in Tel Aviv.
Published by Israel's Business Arena August 29, 1999