Wix to build Tel Aviv headquarters

Wix campus

The Internet company signed an agreement with Canada Israel for construction of a campus in Glilot.

DIY website builder Wix.com Ltd. (Nasdaq: WIX) with 1,600 employees in Israel (out of 2,600 worldwide) currently operates out of offices in Tel Aviv Port. Over the years, the company's business has expanded, and the number of employees in Israel has increased, with the company renting more and more offices in the port. Wix has now decided to build a campus on the Blue site in northern Tel Aviv, close to HaTsuk Beach and the Glilot Interchange. The campus. which will be built on the 20-dunam (five-acre) lot, will be leased mainly to Wix. The initial lease is for 10 years, with two three-year extension options. Occupancy is scheduled to take place in two stages in 2022 and 2023.

Wix said that its future growth plans had led the company to look for a project that would enable it to plan a large innovative campus that would be suitable for the company's future in Israel and support growth for the next decade. Construction company Tidhar will construct the project and do the finishing work. The project, designed by architect Moshe Tzur, will contain seven buildings of over two stories, commercial space, and parking lots. No details were provided about the project cost of construction and rents.

Wix had $750 million in cash and investments as of the end of 2018, after generating $116 milliion from current activity and raising $440 million in convertible bonds at 0% interest. The company, managed by cofounder and CEO Avishai Abrahami, which provides a platform for founding and managing websites, has a $5.8 billion market cap.

"We are very excited about building our new home, which will facilitate a significant employee experience and continued recruitment of new employees in Tel Aviv," says Wix CFO Lior Shemesh. "This is an important milestone for us. The new campus will enable all of the company's employees in Tel Aviv to work under one roof, while maintaining our special organizational culture and work environment, which provides inspiration and enables the employees to create excellent products for our users."

Canada Israel is a private company controlled by Barak Rosen and Assaf Tuchmeir. The company develops projects and builds income-producing properties. Rosen said, "We are glad and proud that Wix, one of the leading high-tech companies in Israel, chose to building its flagship headquarters project in the Blue Tel Aviv project. We are confident that this campus will be one of the most special and successful projects built by the Canada Israel group. Cooperation with Wix is another sign of the strength of the Canada-Israel group."

Wix was represented in the deal by Adv. Moshe Hardiof the Herzog Fox & Neeman law firm. Tidhar and Canada Israel were represented by Adv. Efraim Levy, Adv. Ranit Kessous-Katz, and Adv. Orit Israeli from the Amit, Pollak, Matalon & Co. law firm, in cooperation with Adv. Reut Hadar from the Goldman Seligman law firm.

Published by Globes, Israel business news - en.globes.co.il - on April 10, 2019

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

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