Rafael Expands Haifa Science Park Presence With $8.5 Million Lease
Translated & summarized from Globes by baba
Defense contractor Rafael is expanding its presence in Haifa's Science and High-Tech Park by leasing an additional 4,000 square meters for NIS 32 million over five years. This brings Rafael's total leased space to 10,000 square meters. The expansion is expected to create hundreds of new jobs in Haifa. The deal is part of Rafael's ongoing growth and development.
The story in 5 lines · by baba
- Rafael signed a NIS 32 million ($8.5 million) five-year lease for 4,000 sqm in Haifa's Science Park.
- The expansion brings Rafael's total leased space in the park to 10,000 sqm.
- The deal follows a previous NIS 45 million lease signed about a year ago.
- The total value of Rafael's leases in the park now reaches approximately NIS 77 million.
- The expansion is expected to create hundreds of new jobs in Haifa.
Defense contractor Rafael has signed a NIS 32 million ($8.5 million) five-year lease for an additional 4,000 square meters of office space in Haifa's Science and High-Tech Park. The new space, located in Building B, is owned by the Mivne Group and the Economic Company for Haifa, a municipal corporation. This expansion brings Rafael's total leased area in the park to approximately 10,000 square meters, across five floors. The company also secured an option to extend the lease.
The deal follows a similar agreement from about a year ago, where Rafael leased three floors in the same park. Rafael is already occupying the previously leased space and is expected to move into the new floors in the coming months. The additional offices will be delivered fully finished, and the agreement includes parking spaces, though the exact number and cost were not disclosed. The total value of the new lease, including parking, averages to about NIS 133 per square meter per month, or approximately NIS 6.4 million annually.
Combined with the initial NIS 45 million lease, the total value of Rafael's agreements with the park now stands at approximately NIS 77 million over their respective five-year terms. The Science and High-Tech Park, situated in southern Haifa, spans about 80,000 square meters and is designed for technology, R&D, and advanced industries. It is located near major transportation routes.
Uzi Levy, CEO of the Mivne Group, stated that the company is continuing to advance other projects nationwide as part of its growth plans. Rani Bender, Chairman of the Economic Company for Haifa, noted that Rafael's expansion is expected to create hundreds of new jobs in Haifa.
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