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HomeNewsToHa2 aims to become the new symbol of Tel Aviv

ToHa2 aims to become the new symbol of Tel Aviv

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“Azrieli Towers became a gateway to Tel Aviv in 2000. They adapted to the period but now we need something new,” said Amot Investments Ltd. (TASE: AMOT) Chairman Natan Hetz, at the press conference together with Bayside Land Corp. Ltd. (Ms. Yam) (level:BYSD1) For the launch of the ToHa2 project, at the corner of Yigal Alon Street and Derech Hashalom. Arrow added, “The building will immediately become a milestone and a symbol of the city of Tel Aviv for future generations.”

The investment

Above and beyond architecture are many assumptions behind the huge investment of NIS 3 billion in the new tower. This is a big investment for such large companies as well – Bayside has a market value of NIS 7.8 billion and the market value of Amot is NIS 10.6 billion.

Arrow added that although they could build commercial and residential floors, “which we could sell for who knows what”, they chose to focus on the tower exclusively for offices, ensuring it would be of exceptional quality (90 seconds in the ground floor lift to floors 6-70) and eco-friendly with little Parking and “showers for everyone who comes to work by bike”.

Amot CEO Shimon Aboudrahm said that “it was easier to build four towers with a mall”, but despite this they chose to build a unique and huge office tower.

Amot and Bayside have not yet found an anchor tenant for the new tower, which is due to be completed in 2026, but stressed that “there is great faith in the Israeli economy,” and that they are confident in their ability to market the project in full. And in customer programs like large and medium-sized technology companies.

Like the adjacent ToHa1, the new tower will be based on very large floors with 2,500-3,000 square meters on each floor. It is aimed at companies that need extensive floor space. ToHa1, which is much smaller than ToHa2 will be fully occupied today. Bayside CEO , Avi Jakubowicz, said that WeWork leases six floors in ToHa1 and did not return any of the territories during the Cubid epidemic crisis.

Israeli technology is now flourishing with an increase in exits, capital raising and recruitment, but if there is a change of direction as happened when the dot.com bubble burst in 2000, Bayside and Amot will close their jobs to rent 170,000 square meters of office space. Azrieli Towers together.

ToHa2 is also not the only Tel Aviv office tower looking for tenants. Right on the other side of Ayalon lanes Azrieli Group (level: AZRG) Is building the 91-storey spiral tower, 350 meters high, which will include office and commercial space, a hotel and apartments. The construction of the spiral tower is expected to be completed within five years with a total investment of NIS 2.6 billion.

The environment

Construction work has already begun and the underground car park takes into account that there will be two nearby metro stations with direct access to the tower. The Peace Train Station is also nearby.

Arrow also talked about the plan to cover the Ayalon lanes in the park and he presents a presentation of the ToHa2 tower on the edge of a green park and does not overlook a main road. “In another 20 years, Ayalon lanes will be covered and there will be a park from here to the other side.”

However, both the metro and the coverage on the Ayalon are both projects that no one can guarantee will be completed and meanwhile Amot and Bayside must rent ToHa2 without the metro and without the park.

parking

ToHa2 will have 1,600 parking spaces – a small amount for a tower where 20,000 people will work. Here too an arrow looks far ahead. “Today we already understand that there are no 2,000 parking spaces for 50,000 square meters. Most people are already coming here on electric scooters and we have plenty of parking spaces for two-wheeled vehicles.

Arrow even estimates that 1,600 parking spaces will be too many after the construction of the metro. “One day we will have to decide what to do with this space.”

In this regard, ToHa2 will not be alone. Just last week, the Tel Aviv District Planning and Building Committee approved a plan to build a 30-story tower adjacent to Apple’s campus, which will be leased to Apple, with little parking. And there the access to public transport will not be so good even though a light rail station is planned on the Green Line.

Published by Globes, Israel Business News – en.globes.co.il – on October 26, 2021.

© Copyright by Globes Publisher Itonut (1983) Ltd., 2021.

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