For 144 million NIS: about 6,000 square meters for offices were sold in ‘Vithania’ in Tel Aviv

The demand for the purchase of office space remains strong: Withania and Delek Carve sold approximately 5,900 square meters of offices in the Withania project near the La Guardia interchange in Tel Aviv | The buyers will pay 144 million shekels for 6 floors of offices on a shell level and balcony areas, along with 18 parking spaces

Withania Towers Tel Aviv | Image: Isr Architects

Alongside the headlines about the slowdown in rental transactions for high-tech companies, the demand for the purchase of office space remains firm. Withania reports to the stock exchange today that it entered into an agreement with DMR Properties (owned by Delek Car) in an agreement to sell approximately 5,900 square meters in the Withania Tel Aviv project in La Guardia to two buyers.

It is about the sale of office space in the tower being built as part of the project located on Harash St. near the La Guardia interchange in Tel Aviv. The buyers will pay NIS 144 million, excluding VAT, for 6 floors of offices at shell level and balcony areas. They also purchased 18 parking spaces in the deal.

The sellers were represented in the transaction by attorneys Eyal Marom and Maor Israeli from the Gornitsky office.

The company informed that part of the area will be used by the buyers for personal use and part for rental purposes. The offices are part of a 42-story mixed-use tower (commercial, office and residential), which will be built in the western part of the land, with occupancy expected at the end of 2025.

The “Vithania Tel Aviv” project includes 3 office towers and a mixed-use building of approximately 40 floors – at the southern entrance to Tel Aviv’s MAR. The complex will include a total of 125,000 square meters of office space, 10,000 square meters of commercial space and 2 gymnasiums as a public assignment for the municipality of Tel Aviv, as well as 130 apartments. The first tower in the project is already occupied and active, with among the prominent companies located in it: the Israeli gaming company – Monactive, the shared spaces company Mindspace, as well as the law firm Gornicki GNY. About 6000 square meters.

Towards the end of the project, the direct pedestrian connection between the Hagana train station and the complex will be opened, which is expected to increase accessibility to the complex, beyond the proximity to the Ayalon routes.

This is another significant transaction for the company, after Vitania recently reported on a large lease transaction also in its project in Kiryat Hameda in Nes Ziona. The Landa project – Vitania there was leased to the LDP company [לאנדא דיגיטל פרינטינג] Building of 37,000 square meters for 375 million shekels [כולל מע”מ] for ten years and this for industry, offices and laboratories.

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Ofer Ziv, CEO of Withania, notes: “This is a significant transaction in the complex at a price higher than the prices in the area, which reflects the attractiveness of the project and the environment. Unlike other employment areas in Tel Aviv such as: Yigal Alon axis, Rothschild or Moshe Dayan, where office prices have already reached their upper limit, the southern area is still developing and prices there are expected to rise, among other things, following the expected development of the train and the connection to the Hagana station as well as the train axis relief”.

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