Sources inform ''Globes'' that Ampa Real Estate Ltd. is in advanced negotiations with a Houston, Texas, developer to sell a lot in the Amcor compound on Yigal Allon St., Tel Aviv, slated for a 50-storey skyscraper. The Texas company is offering $45 million.
The lot is located next to Beit Ampa, whose construction and marketing are almost complete. If the Texas company, owned by five foreign investors, buys the lot, it will build a 50-storey skyscraper on it, at an additional investment of $80-85 million, bring the investment to $130 million.
Ampa Real Estate, owned by the Nakash brothers and the Fogel brothers, is the sole owner of the 25-dunam (6.25-acre) lot, which is being offered a very attractive price, given its location.
MAN Properties agent Haim Toronto, who specializes in marketing offices in central Israel, said that if a deal is concluded, the building would probably be built in four years, and it would be marketed in a completely different market. “There is almost no supply of offices in the area now. Azrieli’s Canit Hashalom Investments, for example, has changed the use of the Square Tower to a hotel. In my opinion, in four years time, the most serious competition to the foreign group will be the Diamond Exchange compound in Ramat Gan. Kobi Rogovin is planning to build a large office building there, and other developers are also sensing a revival in the office market.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 23, 2006
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