Ceragon Networks Ltd. (Nasdaq: CRNT), founded by brothers Zohar and Yehuda Zisapel, will move to Rosh HaAyin in two years. Sources inform "Globes" that the company, whose market cap is $335 million, and which is currently located in Ramat Hahayal, has signed long-term lease with Nitsba Holdings Ltd. (TASE: NTBA) to rent 6,000 square meters on the upper two and a half floors in the Nitsba City project in Rosh HaAyin. The lease is for 10 years with two five-year extension options, plus an option to rent additional space in the building. Ceragon will also rent 220 parking spaces.
Ceragon's rent is believed to be NIS 5 million a year, plus NIS 100,000 in annual management fees. The building is the first of five being constructed by Nitsba in the business park. Occupancy will begin in 2021.
The Nitsba City business park is located at the Kessem Interchange at the intersection of Road 5 and Road 6. It will have 330,000 square meters of built-up commercial and office space. The park will be built in stages, with the first stage consisting of 80,000 square meters of offices and underground parking lots in five eight-storey buildings. The park is located near the Rosh HaAyin railway station. An eastern railway track for the railway to Jerusalem is scheduled to open later.
Ceragon, managed by CEO Ira Palti, is an Israeli technology company that develops, produces, and markets wireless broadband systems for communications service providers.
Adv. Michal Barak-Gottesman and Adv. Alon Weirtheim of the Shibolet & Co. law firm represented Ceragon. The deal was brokered by CBRE Commercial Real Estate subsidiary MAN Properties Real Estate Consultants.
Published by Globes, Israel business news - en.globes.co.il - on May 22, 2019
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