The Union of Local Authorities bought 4,300 sq.m. in the South Kirya for $9.8 million from Ashtrom and Secom.
The Union of Local Authorities will pay Ashtrom and Secom only $2,280 per sq.m. for offices in Tel Aviv. The price is 25% below the peak of prices in the area. The Union of Local Authorities bought five floors (4,300 sq.m.) for a total cost of $9.8 million in a new building under construction at 19 Ha'arba'a St. in the South Kirya complex. The Building will be completed in mid-2003.
The Union of Local Authorities also bought 50 covered parking spaces in the building for $800,000, at $16,000 per space, and storage space.
The building's chief contractor is Uri Dori. The building has 14,350 sq.m. gross space, plus a 670-sq.m. commercial floor. 7,900 sq.m. is intended for the Tel Aviv branch of the Office of the State Comptroller, and additional space has already been sold to attorneys and other professionals.
Published by Globes [online] - www.globes.co.il - on October 6, 2002