Amot and Gev Yam real estate companies announced the construction of the ToHa2 tower in Tel Aviv

Amot and Gev Yam real estate companies announced the construction of the ToHa2 tower in Tel Aviv - adjacent to the ToHa tower at the intersection of Tozeret Ha'aretz, Yigal Alon and Derech Hashalom streets - at a cost of NIS 3 billion. Amot, controlled by Aloni Hetz (+ 0.14% 5152), and Gev Yam, controlled Properties and building of Tzachi Nachmias and Aharon Frenkel, said that the construction of the tower will begin in the coming months, after the construction of the underground parking lot in the project is completed.
The ToHa2 tower, which will rise to a height of 75 floors, is expected to include offices with an area of ​​about 160,000 square meters, and an underground parking lot that will cover about 45,000 square meters. Amot and Gev Yam estimate that the cost of establishing it for each of them will amount to NIS 1.5 billion, while about NIS 700 million has been invested in the project so far. The companies expect that the project will be completed in 2026 and that the income from rent (fully populated) will be NIS 280 million per year.
Currently, all the areas in the existing ToHa tower have been leased, with office rents in Tel Aviv exceeding NIS 100 per square meter. Amot and Gev Yam reported a significant increase in profits in the second quarter of 2021, as a result of the economic recovery from the Corona crisis. Properties and rental properties whose construction was completed in 2020.

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