Migdal Insurance will move its headquarters to the new premises from two buildings in Tel Aviv in eight months.
Migdal Insurance (TASE: MGDL) subsidiary Hamagen Assets yesterday bought an office building in Kiryat Arie, Petah Tikva, for $10 million. The sellers were a group of Israeli and foreign residents. Migdal will move its headquarters to the new premises in eight months.
Migdal's is presently headquartered in two buildings, one on Carlebach St. and the other on Saadia Gaon St., near the Shalom Meir Tower, in Tel Aviv.
The building is adjacent to two other buildings occupied by Migdal's business units. The 7,000-sq.m. building is in shell condition, and has 250 parking spaces. Migdal will adapt the building to its needs, at a cost of $5.2 million.
Migdal is also negotiating to lease 5,500 sq.m. in its current headquarters on Carlebach St. The building's façade was refurbished three years ago, and its maintenance condition is reasonable, compared with similar buildings in the area.
Published by Globes [online], Israel business news - www.globes.co.il - on February 23, 2005