National Insurance Institute to pay 11 million shekels: Details on the new branch lease
The National Insurance Institute will lease 800 square meters and 30 parking spaces for a ten-year term. The deal is expected to generate approximately 11 million shekels for the Levinstein Group.
The LEVINTECH business and commercial complex in Kfar Saba is becoming a significant hub for government offices and public bodies. The Levinstein Group has registered a series of strategic engagements, centered on a major contract with the Government Housing Administration, which will relocate the branches of the Population and Immigration Authority and the Execution Office to the complex.
Under the signed agreement, which is for a decade with an option to extend for an additional five years, approximately 3,500 square meters and 65 parking spaces were leased for a sum of 49 million shekels, while the option period could yield an additional 24 million shekels.
According to a report published Tuesday in "Globes", the public sector presence in the complex does not stop there: the group simultaneously won a tender from the National Insurance Institute, which will lease about 800 square meters and 30 parking spaces for a similar period, for an additional sum of 11 million shekels.
This new wave of deals raises the occupancy rate in the Levinstein Group's project to approximately 74%. The company estimates that with full occupancy, the projected Net Operating Income (NOI) will stand at about 10 million shekels per year—a figure that establishes the complex's status as one of the main employment and service hubs in the Sharon region.
