TeLaVivi
December 6th, 2004, 10:53 AM
Elazar Levin 5 Dec 04 11:32
The Tel Aviv Regional Town Planning and Building Committee has approved Meshulam Levinstein Contracting and Engineering's plan to add 12,000 sq.m. in 12 stories to the Israel Discount Bank office building (http://www.emporis.com/en/wm/bu/?id=180606) at the corner of Herzl St. and Yehuda Halevi St. in Tel Aviv. Levinstein is already building the 12,000-sq.m. 13-storey office building.
Construction will cost $12 million, financed mostly from equity. The offices are mostly intended for leasing at $12-14 per sq.m. per month to companies active in Tel Aviv's financial district.
Levinstein has not yet decided whether to exercise its option to double the size of the Discount Bank building. It will make a decision in six months, on the basis of demand. As of now, Levinstein has not signed any deal for the building's upper floors. It must take into account, among other factors, that First International Bank of Israel (TASE:FTIN1;FTIN5) will vacate its current 5,000-sq.m. offices at the corner of Herzl St. and Ahad Ha'am St. and move to new premises on Rothschild Blvd. within two years.
Levinstein leased the lower floors of the Discount Bank building to the bank in advance at $3 million a year, or $20 per sq.m. per month, including hundreds of underground parking spaces.
Published by Globes [online] - www.globes.co.il - on December 5, 2004
The current design stands at 30 floors and around 100m
the addition will make it 42 floors and around 136m high .
http://telavivinf.com/prat/future/mig/bank_discont/pic2.jpg
The Tel Aviv Regional Town Planning and Building Committee has approved Meshulam Levinstein Contracting and Engineering's plan to add 12,000 sq.m. in 12 stories to the Israel Discount Bank office building (http://www.emporis.com/en/wm/bu/?id=180606) at the corner of Herzl St. and Yehuda Halevi St. in Tel Aviv. Levinstein is already building the 12,000-sq.m. 13-storey office building.
Construction will cost $12 million, financed mostly from equity. The offices are mostly intended for leasing at $12-14 per sq.m. per month to companies active in Tel Aviv's financial district.
Levinstein has not yet decided whether to exercise its option to double the size of the Discount Bank building. It will make a decision in six months, on the basis of demand. As of now, Levinstein has not signed any deal for the building's upper floors. It must take into account, among other factors, that First International Bank of Israel (TASE:FTIN1;FTIN5) will vacate its current 5,000-sq.m. offices at the corner of Herzl St. and Ahad Ha'am St. and move to new premises on Rothschild Blvd. within two years.
Levinstein leased the lower floors of the Discount Bank building to the bank in advance at $3 million a year, or $20 per sq.m. per month, including hundreds of underground parking spaces.
Published by Globes [online] - www.globes.co.il - on December 5, 2004
The current design stands at 30 floors and around 100m
the addition will make it 42 floors and around 136m high .
http://telavivinf.com/prat/future/mig/bank_discont/pic2.jpg