The Heleni Hamalka St. building between Jaffa Road and the Russian Compound is reportedly worth NIS 100 million.
Mizrahi Tefahot Bank (TASE:MZTF) is in advanced talks to sell a major building in Downtown Jerusalem for NIS 100 million, sources inform "Globes." The building is at 9 Heleni Hamalkah Street between Jaffa Road and the Russian Compound.
The 7,200 square meter building has seven floors above a commercial ground floor, which contains a branch of the bank and another business. Most of the building is used as offices by the bank. Sources say that even if the deal is completed, the bank will continue to lease space in the building.
Anglo-Saxon Jerusalem commercial department manager Avraham Zvi Barak said that the value of office space in the city center is worth at least NIS 15,000 per square meter and some buildings have been sold for NIS 35,000 per square meter. He stresses that there is huge demand for old and large buildings of this type in the city center to convert them into hotels. It is unclear whether that is the intention.
Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Jaffa Road