The land is located in the Neve Ne’eman employment area and is intended for the construction of two office towers with a total area of 30,000 square meters. The land was purchased through a purchasing group for 60 million NIS.
The option was granted to the two groups as part of an agreement they signed with the owners to form a purchasing group that will establish a project comprising two office and commercial towers with a total area of 30,000 square meters and a total cost of 320 million NIS.
According to the companies, the estimated selling price per square meter was on average about 8,750 NIS per gross square meter, representing a 25% reduction on the market price in the area. There is currently an empty building on the site that once served as a retirement home – Neve Hasharon. The acquisition group will build the two existing office and commercial towers, each 10 stories high.
The Neve Ne’eman employment area in Hod Hasharon covers an area of approximately 296 dunams and is located near the city’s connection to Highway 5 (Yarkon Junction) and the Sharonim shopping center of Hazei Hinam, and is a 4-minute drive from Highway 531. Ashtrom Properties owns 3 office buildings in the complex, totaling 72,000 m², fully leased to high-tech and biotechnology companies.
Allot Communications, AMY TECHNOLOGIES Qualcomm, Matrix, MSD, Baye, and others are among the major companies occupying employment. To the west and south of the employment area, there are plans to connect a vast park of hundreds of dunams to Yarkon Park, where the largest and most impressive ecological lake is under construction.
The architectural design has been entrusted to an architectural firm, Barali Levitzky Kassif. The purchasing group was represented by lawyers Eti Dolev, Gefen Abekasis, and Tal Vaknin from the law firm Fisher Bachar Wall Orion & Co., represented by lawyers Asher Rabinovich and Natalie Zeibert.
Tzahi Sofrin, CEO of the Sufrin group: “This complex is one of the new homogeneous employment areas that have recently developed outside of Tel Aviv. Similar areas are developing in Petah Tikva, Kfar Saba, Bnei Brak, and Givatayim. They provide another alternative for investors and end-users of traditional employment areas in Tel Aviv, but at lower prices and closer to their homes.”
Roni Weiss, president of the Weiss group: “We decided to invest in Hod Hasharon because it is one of the most demanding employment sectors outside of Tel Aviv for offices. An indication of the strong demand is that the offices we marketed were the lowest estimate of 25% compared to existing sales transactions in the area.”
