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Israeli Exchange Expanding with Additional Floors

May 05, 08 by IDEX Online Staff Reporter

The Israel Diamond Exchange, in desperate need of additional office space, will try to alleviate the problem by adding the top floors of the Diamond Tower to the Exchange. The contract will be signed Tuesday.

 

The IDE currently occupies the Maccabi, Shimshon and Noam buildings, as well as the lower floors of the Diamond Tower. In August 2005, a group of diamond firms, led by Israeli diamond tycoons Lev Leviev and Beny Steinmetz, acquired the top 10 floors of the Diamond Tower for a reported $45 million.

 

Until now, the floors were not connected to the IDE and were leased to general businesses. Following year-long renovations, the top floors will be joined to the IDE in early 2009.

 

Currently, office space in the Exchange is some of the most expensive in Israel, running at about $75 per meter.

 

An additional building is planned to start construction in the near future across the street from the IDE.

Diamond Index
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