Income-producing real estate companies Amot Investments Ltd. announced. (TASE:AMOT) and Bayside Land Corp. Ltd. (Gav Yam) (TASE:BYSD1), which is currently building the ToHa2 tower in Tel Aviv, has officially signed an agreement with Google to lease 60,000 square meters in the tower for NIS 155 million annually. The agreement is for a period of ten years. Globes first reported that negotiations on the agreement were in October 2022.
The ToHa2 tower is under construction overlooking the Ayalon Highway at the intersection of Totsert Haaretz Street, Yigal Allon Street and Hashalom Road in Tel Aviv. It is 300 meters high, consists of 77 floors, and extends over an area of 170 thousand square meters.
Amot Investments and Bayside Land Corp are together investing NIS 3 billion in the project. The companies say that 40% of the structural work has been completed, and they expect approval for occupancy in 2026.
The agreement with Google is for ten years starting from January 2027. Google has a one-time escape clause from the agreement after five years.
According to information provided by companies in the past, the area of each floor of the tower will be 2,500-3,000 square meters, which means that Google is leasing 20 floors.
Sources familiar with the matter say that Google considered two planned towers as its future home: ToHa2, and the spiral tower being built by Azrieli Group, but ultimately decided to go with the former.
Google currently leases nine floors in Amba Tower (formerly Electra Tower), not far from the ToHa2 site.
Published by Globes, Israel Business News – en.globes.co.il – on June 25, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.