WE ORE
OLWRYS
BUYING
C
ing of a 10-year contract to rent
office space, equivalent to 17
floors, in the Shalom Project.
The Shalom Project is being
developed by Canit, which is
owned by Canadian business-
man and developer David Azrieli.
The ambitious construction pro-
ject will include office space and
an office mall and will be made
up of three skyscrapers. The pro-
ject will probably be the largest
building in the entire Middle
East.
According to the agreement,
Bezeq will receive a fully-
equipped office with furniture,
computers and other devices.
While Canit may have had to
compromise on price, the gener-
al feeling in the market is that it
was a good decision, since it gave
the complex a tremendous push,
which is expected to encourage
other firms to sign contracts.
According to Mr. Hibsh, rent-
ing space to an Israeli govern-
ment body, like the Ministry of
Labor and Social Affairs, is like-
ly to ruin the image and lower
the quality of a building.
The Shalom Project's success
in winning the Bezeq tender was
a big blow for its rivals, mainly
the Levinstein Tower on Derech
Petah Tikvah, Yossi Moskovitz
and Kahtan Building in the Yad
Eliyahu district, Moshe Aviv on
Elite Junction in Ramat Gan and
Harel-Ashtrum near the dia-
mond exchange. All of these de-
velopments will have to find
other renters, a difficult task
these days.
Levinstein, which initially in-
A-) tended to construct the tallest
building in Tel Aviv's business
center, has not yet received all
the construction approvals from
the municipality. The company
has filed a request to construct a
37-floor building, including 27 of-
fice floors and 10 apartment
floors. So far, it only has approval
to build a 21-floor office building.
While there are fears that the
office-building market may drag
some companies into bankruptcy,
the majority of Israeli real-estate
experts believes the market will
recover, especially if the peace
process continues.
"In one-and-a-half to two years
time the illusion that there is a
glut of offices around will disap-
pear, and people will realize that
the market is at an equilibrium,"
says the marketing manager of
-; one of Tel Aviv's largest office
buildings. "At that point in time
companies will be interested in
moving into the newer office
buildings."
For the time being, contractors
can only seek comfort in the fact
that today there are very few
empty buildings. This is mainly
due to the recent shift lawyers
and accountants have made from
old apartment blocks in the cen-
ter of Tel Aviv to newer, ritzier
office buildings.
❑
(c)Jerusalem Post 1996
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