The Azrieli Group announced Monday it has completed the construction of the third skyscraper in its Azrieli complex in Tel Aviv, known as the square tower. Some $50 million were invested in building the tower, which will be populated in November-December 2007.
The skyscraper, whose construction lasted about a year, is 154 meters-high and has 42 floors that cover an area of over 58,000 square meters. The lower floors will house the business hotel of Africa Israel, which leased the space from the Azrieli Group for $80 million for 25 years.
The upper floors will be used as office space, and will be rented out for $21-25 per meter.
The Group recently began marketing the office floors, and has already reported three deals to rent out 3,000 square meters, out of the available 25,000 square meters. The company expects revenues of more than $500,000 per year from rent.
The Azrieli Group began building the Azrieli Center project in 1995, and completed the construction of the first two skyscrapers and the mall underneath them within four years. Works on the third tower were delayed due to a legal dispute between the Group and the Tel Aviv municipality that was only resolved two years ago.