With Pelephone set to move its headquarters to Petah Tikva, the building's owner Amot could raise the rent by 60%.
Givatayim Mayor Ran Kunik may soon be moving his office to the former headquarters of Pelephone Communications Ltd. near the Phoenix Tower at the junction of Derekh Hashalom and Yitzhak Rabin Road.
At present the municipality's offices are spread throughout 14 buildings in the city. Four years ago the Givatayim Municipality took the decision to move all its offices into one building and design began for a new city hall by HQ Architects. Now the Givatayim Municpality is jettisoning the project and plans to move elsewhere, perhaps temporarily.
After 22 years, Pelephone will move its headquarters away from Givatayim to Kiryat Arie in Petah Tikva during 2020. The building in Yitzhak Rabin Street, which is owned by Amot Investments Ltd. (TASE:AMOT). The building has 17,500 square meters on six floors with three underground parking floors.
Sources at Amot expect that after renovating the building they will be able to raise the rent for any new tenant by 60%.
Published by Globes, Israel business news - en.globes.co.il - on January 28, 2020
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