TEL-AVIV-Electra Tower, a new 43-story office property owned by locally based Electra Real Estate and Ampa Ltd., is on the sales block. Ownership has hired New York City-based Carlton Group to market the building.
A deal for the building sale for about $300 million was reportedly dropped early this year by the Azrieli Group, according to story in Globes, an Israeli business publication. A Carlton spokeswoman tells GlobeSt.com that the building had not been formally marketed until now.
The 640,000-square-foot tower is almost 100% occupied, and includes tenants such as General Electric, EBay, law firm Goldfarb Seligman and Google, which occupies eight floors. The spokeswoman says the venture is trying to sell the asset since it is stabilized.
Opened in 2011, it’s the newest office in the city, which has a low 4% vacancy rate. Global foreign direct investment in Israel doubled to $11.4 billion in 2011 from $5.5 billion in 2011, according to Carlton.
Electra owns three office buildings in Israel, including Electra Tower, the Omega Building in Haifa and the Kodak Building in Petach Tikva. The company is developing a project on the Tel Aviv seafront (sea-one Project), which will include 230 hotel rooms and an additional 45 exclusive apartments for sale. The firm is also developing luxury office tower on Haracevet Street here.
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