The construction of the fifth building will be completed towards the end of 2024. Gev-Yam is a partner in the Gev-Yam Rehovot Park with the Weizmann Institute (72% share of Gev-Yam), which includes approximately 56 thousand square meters of built
Geb-Yam signed a substantial lease agreement with a leading international technology company, to rent office space in the fifth building in Geb-Yam Rehovot Park. The building is built on a total area of about 40 thousand square meters, of which about 24 thousand square meters are above ground, and the company will rent an area of about 15 thousand square meters above it, with an expansion mechanism up to the entire building area. The lease agreement was signed for a period of 10 years, and will generate income in a total amount of up to approximately NIS 190 million (for the entire lease period).
The construction of the fifth building will be completed towards the end of 2024. Gev-Yam is a partner in the Gev-Yam Rehovot Park with the Weizmann Institute (72% share of Gev-Yam), which includes approximately 56 thousand square meters built.
This lease agreement marks a record year of marketing at Gev-Yam, and is added to the significant lease transactions that Gev-Yam signed during the year, for areas in projects under initiation, among other things with one of the leading technology companies in the world, in a total area of approximately 130 thousand square meters (the company’s share ), and thus about 62% of all surface areas were marketed in projects initiated by the company. These agreements include huge deals with some of the world’s leading technology companies that were signed, among others, in Tel Aviv’s Tel Aviv 2 (LOI) and Matam Mizrah Towers in Matam Park, areas where the company experienced Strong demand.
Avi Yaakovovitz, CEO of Gev-Yam: “The leading international technology companies – TIER1 – are here to stay, grow and develop for many years and will continue to be a right-wing marker. The companies depend on the high-quality human capital that is the leader in the worlds of technology. Gev-Yam meets the demands and is a central anchor for the world’s leading technology companies.
“Demands for the establishment of development centers, which are a strategic focus in the international development system on the part of the world’s largest technology companies, in the main centers of demand, within the complex of Israel as a leading technological power, continue these days with great intensity. The rental deal in Rehovot proves that stability and demand continue.
Legev-Yam has accumulated huge projects, in a wide spread, both geographically and sectorally, which focuses on the centers of demand, which rely on high-quality human capital and maximum accessibility to public transportation, which includes 19 projects, in a total area of about 710 thousand square meters, with an investment of about 6.6 billion NIS, resulting in a representative annual revenue increase of approximately 577 million NIS, all as part of the strategic plan published by the company. About 62% of the surface areas in the projects under construction have been marketed, for an average rental period of about 10.5 years, which will add about NIS 240 million to the company’s combined revenues.”