Tel Aviv's ToHa tower seeks iconic status

New Tel Aviv office tower Photo: Viewpoint

Marketing has begun for space in the 30-floor iceberg-shaped office tower under construction adjacent to Hashalom Station.

The latest Tel Aviv high rise office tower under construction is hoping to become an iconic structure on the city's skyline. Designed by Israeli architects Ron Arad and Avner Yashar, the 30-floor building is shaped like an iceberg and covered with glass to enhance the effect.

Construction is underway of the building, which is due for completion next year and marketing of office and commercial space has already begun. The name ToHa comes from an abbreviation of the building's address in Totzeret Haaretz Street in the heart of Tel Aviv. The location is immediately east of Hashalom Station, across the Ayalon from the Azrieli Towers at the junction of Hashalom and Yigal Alon Streets.

Encompassing 55,000 square meters of commercial and office space, underground parking for 1,000 cars and a roof area with cafes and restaurants, the project will cost an estimated NIS 850 million. The project will also include commercial premises on the ground floor and 3 acres of green spaces. Each floor will have 2,500-3,400 square meters of office space.

The developers are Alony Hetz Property and Investments Ltd. (TASE: ALHE) unit Amot Investments Ltd. (TASE:AMOT) and IDB Holding Corp. Ltd. (TASE:IDBH) unit Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1). The building contractor is BST Group Ltd.

Amot CEO Avi Mousler said, "We began with a 3 dunam (0.75 acres) lot owned by Amot and Bayside at 5 Hashalom Street and just before we took out a construction permit for a new building a few floors high, we thought that perhaps we could expand the land. Subsequently, we bought the Tara dairy, and Hadera Paper Mills lot, and Gazit House at the corner of Hashalom and Yigal Alon Streets thus obtaining land totaling 17 dunams (4.25 acres)."

On this land, the developers are also planning a 70-floor office tower on Yigal Alon Street with a matching glass facade, with plans currently being reviewed by the Tel Aviv Planning and Building Committee. The building will contain 130,000 square meters of office and commercial space with an option to expand to 200,000 square meters of space if market conditions make this worthwhile.

MAN Properties CEO Jacky Mukmel said, "Demand for office space on this scale is felt mainly from high-tech companies looking to upgrade themselves such as Intel, Amazon, Microsoft, and Palo Alto Networks, which recently signed a deal to move to the Alon Towers on Yigal Alon Street. The advantage of this project is its proximity to the railway station and the main highways as well as the park that will surround it."

Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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New Tel Aviv office tower Photo: Viewpoint
New Tel Aviv office tower Photo: Viewpoint
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