Meta, formerly Facebook, will pay NIS 100 million annually for the 20 floors and 660 parking spaces in the Landmark A tower, which will be completed next year.
Meta, formerly Facebook, is renting 51,000 square meters in the first of two office towers in the Landmark project currently under construction in the Sarona area of Tel Aviv. The project is jointly owned by income producing real estate company Melisron (TASE: MLSR), controlled by Liora Ofer and AFI Properties Ltd. (TASE: AFPR) controlled by Big Shopping Centers (2004) Ltd. (TASE:BIG), who notified the Tel Aviv Stock Exchange (TASE) about the deal.
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Meta’s new offices will be located in the Landmark A tower, which is scheduled for completion by the end of 2023. The US tech giant will rent 20 of the 39 floors in the tower. The deal also includes 660 parking spaces in the bustling heart of Tel Aviv. The contract signed is for seven years with Meta having options to extend the contract for two more periods of three years. Annual rent is estimated at over NIS 100 million for NIS 750 million over seven years.
Melisron CEO Ofir Sarid said, “The agreement signed today is a very important and significant agreement. Tech companies in Israel are a major part of the growth in the offices market and we believe that the market will develop and grow more. The Landmark project is a unique project which meets the highest standards of construction and service and ensures an optimal, and full experience work environment for all the employees in the building. “
Published by Globes, Israel business news – en.globes.co.il – on April 6, 2022.
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Tel Aviv’s Landmark Project Photo: Studio 84