Profit Construction Industries owns the 10,000-sq.m. property. The Chinese Embassy also extended its lease with Profit Construction.
Bezeq (TASE:BZEQ) has extended its lease to the 10,000-sq.m. office building it rents on Nevi'im St, Haifa, from Profit Construction Industries (TASE:PROB) for five years. Bezeq will pay $1.5 million a year, or $12.50 per sq.m. per month. The rent is the same as under the original lease from ten years ago; however, Profit Construction granted Bezeq some benefits, mainly on rent for spaces in the adjacent parking lot.
The rent is considered high, reflecting companies' growing tendency to avoid moving to new offices, with all problems of moving computers and sophisticated equipment.
The Chinese Embassy has also extended its lease on the 2,300-sq.m., six-storey building it rents from Profit Construction at 222 Ben Yehuda St., Tel Aviv, for five years. The Embassy will pay $360,000 a year, or $13 per sq.m. per month, index-linked. The Embassy originally rented the building in a ten-year lease in 1993, under the same terms.
Published by Globes [online] - www.globes.co.il - on January 18, 2004