Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) has signed a ten year lease with Azrieli Group Ltd. (TASE: AZRG) for 19,500 square meters in the Hamanor project in the Holon Industrial Park. Bezeq will pay over NIS 190 million for the ten year lease with an option to extend the lease.
Bezeq will move its headquarters to the new Holon offices in 2021 from the Triangle Tower in Tel Aviv's Azrieli Center, where it has leased 25,000 square meters on 17 floors for the past 20 years. Bezeq is currently paying far less than the NIS 120 per square meter for a class A office tower in central Tel Aviv. There will be huge demand for the office space being vacated by Bezeq, which includes a separate lobby area.
Azrieli's Manor project was designed by Gidi Bar Orian Architects and will include 26,000 square meters of office space and 2,000 square meters of commercial space. Azrieli received the building permit for the project in September and has already completed the shell of the car park and is starting the shell of the actual office building. Azrieli expects to complete the project by mid-2020 with Bezeq planning to move in at the start of 2021.
This is one of the largest ever lease deals signed in Holon, which is fast becoming one of Israel's major business centers. Azrieli was one of the first income-producing property companies to identify the potential of Holon.
Published by Globes, Israel business news - en.globes.co.il - on December 31, 2018
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