The Israel Phoenix Insurance Company has rented 1,350 sq.m., two and a half floors, in Tel Aviv. The company will pay $15 a sq.m., index-linked, in a five-year contract. It plans to relocate several central management departments currently located across the road on Levontin Street.
The deal almost completes the lease of the ten-floor buiklding. As reported previously in this column, Sahar Development has leased six floors with an overall 3,200 sq.m. to the Mercantile Discount Bank's central management, which will also pay $15 a sq.m. a month, index-linked, in a long-term contract. Negotiations are underway for the lease of theremaining 800 sq.m. in the building to be adapted for the requirements of a CPA office.
Sahar Development invested major sums in renovations and improvements in the building. Zvi Karmi serves as general manager of the company.
Published by Israel's Business Arena on 11 June, 2000