Mivne Leases Office Floor to Startup PointFive for $4.8 Million
Mivne Group has leased approximately 1,400 square meters of office space, along with 10 parking spots, to the tech startup PointFive in its Solalim project in Tel Aviv. The five-year lease, with an option for an additional five years, is valued at approximately 18 million shekels (about $4.8 million) for the initial term, and an estimated 36.5 million shekels (about $9.7 million) for the full ten-year period. This translates to a rental rate exceeding 200 shekels per square meter.
The Solalim project comprises two office towers totaling around 70,000 square meters. Mivne has reported that approximately 73% of the project's space has already been leased, with ongoing negotiations for additional areas. Anchor tenants include ROOMS and Switchup from the Fattal Group, which leased about 37,000 square meters, alongside the Israel Securities Authority (5,700 square meters) and Bildots (4,200 square meters).
The project also includes two residential towers with 360 housing units and 3,200 square meters of commercial space, developed in partnership with Tidhar. While Magurit Housing Fund purchased 47 apartments for March 2025 delivery, the developers are currently facing challenges selling additional units due to a general slowdown in the housing market. Tidhar's report indicated only four apartments were sold in the first half of the year, with 110 remaining unsold despite the project's completion.
In other real estate news, Reisdor won a tender from the Israel Land Authority and "A House for Rent" company to build long-term rental housing in Yavne, offering 39.7 million shekels for the land. The project will include 104 units, with 76 designated for long-term rental, 38 of which will be offered at reduced rent for eligible individuals under the "A House for Rent" program. Additionally, Tel Aviv's District Planning and Building Commission approved the design plan for the "Terra Space" in the Nachalat Yitzhak industrial zone, featuring four mixed-use towers and a public building, with 718 potential residential units, including 57 affordable rental units.
