Alon Blue Square moving HQ to Azrieli towers

Azrieli Towers, photo: Thinkstock

The company rented 1,500 square meters in the Round Tower at NIS 120 per square meter.

Alon Holdings Blue Square - Israel Ltd. (NYSE: BSI; TASE: BSI), controlled by Moti Ben-Moshe, has rented an entire floor with 1,500 square meters in the Round Tower in the Azrieli Center in Tel Aviv at an estimated NIS 120 per square meter.

Alon Holdings Blue Square plans to move its management offices and headquarters, currently divided between Rosh HaAyin and Yakum, to a single location in Tel Aviv. The company, including its Blue Square Real Estate Ltd. (TASE: BLSR) subsidiary, will also continue to operate from the company property in Afek Park in Rosh HaAyin, and Dor Alon Energy in Israel (1988) Ltd. (TASE: DRAL) will continue operating in offices in Europark in Yakum.

Two years ago, Ben-Moshe himself was in the Azrieli Center as chairman of IDB Development Corporation Ltd. (TASE:IDBD).

Ben-Moshe completed his acquisition of Alon Holdings Blue Square in September 2016, including its real estate business through Blue Square Real Estate, which owns half of the Tel Aviv wholesale market project in Tel Aviv and other properties, including the Mega supermarket chain.

The group also has business in the energy sector through Dor Alon Energy, which operates the Alon chain of filling stations, the Alonit chain of convenience stores, and the AM:PM supermarket chain, and also recently entered the power stations sector.

Ben-Moshe also owns the Extra Holding group, one of the main private suppliers of natural gas and electricity in the UK and Germany. He also has private holdings in the Israeli branch of Apax Partners, through which he recently acquired the Holmes Place and Go Active group of fitness clubs.

Azrieli Group Ltd. (TASE: AZRG) recently began recruiting tenants for the Sarona Tower, located south of the Azrieli Center. The tower has 61 storeys and 115,000 square meters of space about three parking floors with 11,000 square meters.

The tower includes the floor with the largest available office space in Israel: 2,400 square meters per floor, compared with 1,500 square meters per floor in the older Azrieli towers.

Azrieli has also begun construction work on two other office towers on Menachem Begin Road in Tel Aviv, including a tower to be built on a lot occupied by the Yedioth Ahronoth building and the Azrieli Town building, which will be constructed on a lot formerly used by Clalit Heath Services.

Published by Globes [online], Israel Business News - - on August 8, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Azrieli Towers, photo: Thinkstock
Azrieli Towers, photo: Thinkstock
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