Google rents floors in new Tel Aviv tower

The company will move its Tel Aviv R&D center and business center to the new premises in the Electra Building.

Google Israel Ltd. has rented 8,000 square meters on six floors in the Electra Building on Yigal Allon Street in Tel Aviv in a ten-year lease at NIS 11 million a year.

The new 45-storey 60,000-square meter Electra Building, formerly the Elco Building, is owned by Ampa Real Estate Ltd. (50%), and Elco Holdings Ltd. (TASE: ELCO) subsidiaries Electra Real Estate Ltd. (TASE:ELCRE) and Electra Investments Ltd. (25% each).

Google Israel rented the 26th through 31st floors of the Electra Building at NIS 114.50 per square meter per month, as well as 200 parking spaces of the building's 1,100 parking places. The company will move its Tel Aviv R&D center and business center to the new premises. The company leased three times as much space as at its current premises in the Levinstein Building in Tel Aviv.

Google Israel is renting the space in shell condition. Google Israel has 200 R&D employees at its Tel Aviv and Haifa offices, and it has embarking on a hiring drive this year.

Electra Building's tenants include Adler Chomsky ad agency, Goldfarb & Co. law firm, eBay Israel Ltd., First Israel Mezzanine Investors Fund (FIMI), Office Plus Ltd. real estate agency, and Chef Haim Cohen, who opened a restaurant on the commercial floor.

Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2011

Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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