IBM rented the temporary space for one of its divisions, until construction of its permanent home at the Tel Aviv University campus is completed.
IBM has rented a 1,260 sq.m. office floor at Hasadna'ot St., Herzliya Pituah, from Teledata for $14 per sq.m. per month, index-linked, in a one-year lease with an exit option after eight months. IBM rented the temporary space for one of its divisions, until construction of its permanent home at the Tel Aviv University campus is completed. IBM also rented 20 covered parking spaces at $120 per space per month, under the same terms.
The deal was brokered by Anglo-Saxon Real Estate Herzliya Pituah commercial division, in cooperation with Anglo-Saxon Tel Aviv and Keren Real Estate Properties Consulting and Marketing.
The deal reflects a 15% fall in rents, compared with earlier deals on that street. The lower price is especially noteworthy given the deal's short-term nature, which usually results in a higher rent.
Published by Israel's Business Arena on 16 December 2001