At a ceremony at the site, Rad-Bynet Real Estate will announce this week the beginning of marketing of the second of its two Or Towers in Ramat Hahayal. Marketing of the first tower has been completed.
The Or Towers project, located at the corner of Habarzel Street and Hanehoshet Street, is a continuation of the Ziv Towers project. The project covers 72,000 sq.m., including 38,000 in offices and commercial space.
The first tower was marketed mostly to high-tech companies. In a deal contracted last week, high-tech company Malcam rented offices at $14 per sq.m. per month. A 600-sq.m. Sushi Samba restaurant (the Israeli branch of a successful New York restaurant chain) is expected to open on the commercial floor of the building.
Businessman Meir Shamir rented the eleventh floor of the building, where he plans to move the offices of Mivtach Shamir Holdings (TASE: MISH), which he controls. Shamir will pay $13 per sq.m. per month. Rents in the building are in the $12-15 range, in addition to $120 per month per underground parking space.
The second building, slated for completion in mid-2006, will have 16,000 sq.m. above the 3,000 commercial floor shared by the two towers. Rad-Bynet Real Estate has entrusted marketing of the building to Maof Real Estate Advisors.
Rad-Bynet Real Estate CEO Dalit Braun said that demand for offices in Ramat Hahayal had risen in recent months, as reflected in the higher rents prevailing in the area. She added that high-tech companies planning to expand their business were responsible for the increase in demand.
Published by Globes [online] - www.globes.co.il - on September 25, 2005