Haaretz mulls selling Tel Aviv headquarters

The Schoken Street property's value is estimated at NIS 25-30 million.

Hebrew daily "Haaretz" owner Haaretz Group is considering selling its headquarters on Schocken Street in Tel Aviv. Sources inform ''Globes'' that Haaretz CEO Rami Guez and other executives have met real estate executives for a possible sale of the building and moving the newspaper to another location. The property's value is estimated at NIS 25-30 million.

Real estate market sources say that Haaretz's feelers include a possible rezoning of the 4,000-square meter building for residences. The building in south Tel Aviv has served as the headquarters of "Haaretz", owned by the Schocken family, since the 1970s, after moving from its previous location on Mazeh Street in Tel Aviv's downtown area.

"Haaretz", however, has no plans to follow dailies "Yediot Ahronot" and "Ma'ariv", or the Israel Broadcasting Authority out of Tel Aviv, but to stay in the city and consolidate its branches at a single site. The crisis in the print media, combined with Tel Aviv's need for real estate is prompting newspapers to leave the city.

"Yediot Ahronot" is due to leave its building on Mozes Street, named for the paper's founder, Noah Mozes, in Tel Aviv and move to Rishon LeZion in a few years. "Ma'ariv" is also due to leave Carlebach Street, named for its founder Israel Carlebach, and leave Tel Aviv, probably for Jerusalem, where it will be consolidated with its new owner, Hirsh Media Ltd., owned by Shlomo Ben-Tzvi.

"Haaretz" is in financial difficulties, and has undertaken extensive cost-cutting measures and fired scores of employees. The newspaper is contemplating additional measures to boost its cash flow, including a possible sale of the local paper "Ha'Ir".

"Haaretz" confirmed the report.

Published by Globes [online], Israel business news - www.globes-online.com - on November 20, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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