Bezeq selling Rishon land, building

Bezeq Photo: PR

Income-producing real estate market sources say that the value of the property is NIS 110 million.

Bezeq is negotiating to sell its office building at 4 Lazarov Street in Rishon Lezion, which includes a parking lot. Another building with 14 floors can be built on part of the parking lot; building rights in the complex total 23,000 square meters, one third of which is already built. Income-producing real estate market sources say that the value of the property is NIS 110 million.

The building currently houses Bezeq's headquarters for an area containing the low foothill adjacent to the coastal plain and the southern greater Tel Aviv area. Selling the property is part of the transfer of the company headquarters to a special building in Holon now being constructed by Azrieli Group, which will be rented out to Bezeq in a long-term lease. The building in Rishon Lezion will be vacated at the end of next year.

The 10-dunam (2.5-acre) lot in Rishon Lezion, located next to the Hazahav Mall, is zoned for business and offices. It currently contains an 8,000-square meter office building with 230 parking spaces. A large proportion of the property's value, however, lies in the empty part of it, because the urban building plan allows construction of a 14-storey office tower with 14,500 square meters.

For years, Bezeq used the property as a central facility. The company renovated the old building and made it a modern office building for its headquarters, national control, and service center staff, together with one of its stores. At the same time, Bezeq improved the property and obtained approval for construction of a tower on it.

Published by Globes, Israel business news - en.globes.co.il - on July 7, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Bezeq Photo: PR
Bezeq Photo: PR
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