Law firm Leshen-Brandwine has purchased from Avraham Rubinstein and ASPEN Development the 1,035 sq.m. thirteenth floor of Rubinstein House under construction at the Ma'ariv junction in Tel Aviv. The law firm will pay $2,850 a sq.m. less a 7% cash discount, i.e. $2,650 sq.m. The firm will also purchase ten parking spaces at $20,000 each. Leshen-Brandwine will invest a total of $3 million in the new offices. The firm is currently located in the office block at Dizengoff Center in Tel Aviv.
Rubinstein House is being marketed by Ronny Golding. The Leshem-Brandwine deal is the last sale of floors. The six lowest floors in the building are designed for rental at $20 a sq.m. a month, index-linked, in five-year contracts with an option for a further five years. The developers are negotiating several deals for these floors. ASPEN is controlled by "Globes" shareholder Eliezer Fishman.
At the same time, Avraham Rubinstein is about to start construction of a twenty-two storey office block on Petach Tikva Road in Tel Aviv, opposite the Rubinstein tower, together with fuel company Sonol.
The new tower, which will also be marketed by Ronny Golding, is designed for rental only. Prices have not yet been determined, but it is reasonable to assume they will be in the vicinity of $20 a sq.m.
Published by Israel's Business Arena on September 26, 1999d