April 23--Azrieli Group Ltd. (TASE: AZRG) is tightening its stranglehold on the office market in central Tel Aviv along Menachem Begin Road. The company notified the Tel Aviv Stock Exchange this morning that it has acquired the building at 148 Menachem Begin Road from Mivnei Gazit for NIS 260 million.
The lot is adjacent to the 80-floor Azrieli Town building for apartments and offices, which Azrieli is building on the site of the former Kupat Holim health fund building north of the Azrieli Center. The new building has four floors and 5,500 square meters of space as well as a basement. The building already has rights to add another 21,000 square meters of office space and expand the basement, which were approved last month by the Tel Aviv District Planning and Building Committee.
The area around Hashalom railway station in the heart of Tel Aviv has become something of an "Azrieli neighborhood." There is the iconic Azrieli Center with its round, square and triangular high-rise office towers above the shopping mall. Recently opened, slightly to the south, is the Azrieli Sarona tower, the country's tallest building, 3.5 meters higher than the previous highest building, the Moshe Aviv Tower in Ramat Gan. Immediately to the north of the Azrieli Center, a fourth 90-floor tower is under construction on the site of the former Yediot Ahronot offices, which will become the country's tallest building when completed. And to the north of that is the Azrieli Town project and now the new land just purchased by the company.
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