AGT leases Herzliya offices for IoT development center

Mati Kochavi
Mati Kochavi

AGT will replace Apple, which has leased space in the nearby Bayside 02 project.

High-tech company AGT International is taking the place of Apple Inc. as a tenant in the Beit Amtzur building. The company has rented 4,000 sq.m. of offices from Ampa Real Estate and Vitania Ltd. (TASE:VTNA.B1, its partner, in the building, located in the Herzilya Pituah industrial zone. AGT will pay NIS 73 per sq.m. per month, plus NIS 19 per sq.m. in management fees. Apple formerly rented the space for Anobit, an Israeli startup it acquired for $400 million in late 2011.

It was reported in August 2013 that Apple would rent 12,500 sq.m. in office space from Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1) in the first stage of the O2 project, which Bayside is building in Herzliya Pituah, at an estimated NIS 70 per sq.m. in a seven-year lease, making the estimated total rent NIS 10 million a year, or NIS 70 million over the life of the lease.

AGT, owned by founder and CEO Mati Kochavi, will set up its Internet of Things (IoT) development center in Beit Amtzur. IoT makes it possible to hook up inanimate objects to the Internet using sensors of various types, so that information can be obtained from them or transmitted to them, and they can be subjected to remote control.

Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Mati Kochavi
Mati Kochavi
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