WeWork signs $57 million deal for 10,000 square meters in Tel Aviv’s ToHa 2
The 10-year lease expands WeWork’s presence across the ToHa complex to approximately 30,000 square meters, joining Google and Salesforce among the major tenants preparing to move into the new tower.
WeWork has agreed to lease another 10,000 square meters of office space in Tel Aviv’s ToHa complex, committing to a 10-year deal worth approximately NIS 180 million ($57M) as the second tower approaches completion and the development attracts a growing roster of major technology companies.
The agreement, signed with the property’s owners, Amot Investments and Gav-Yam, covers four floors, from the 13th through the 16th, in the 77-story ToHa 2 tower. It expands WeWork’s presence in the complex, where the company already operates in the adjacent ToHa 1 building. Once the new lease takes effect, WeWork will occupy approximately 30,000 square meters across the two towers.
The deal amounts to an estimated NIS 18 million a year ($5.8M), or about NIS 150 per square meter per month. The 10,000-square-meter addition represents a significant expansion of WeWork’s footprint in the complex, although the company’s total space there will still account for a relatively small share of the approximately 220,000 square meters of above-ground space in the two-tower development, according to the companies.
WeWork’s latest commitment comes as ToHa 2 moves toward occupancy. The developers expect the tower to receive its occupancy permit, known in Israel as Form 4, by the end of the year. Companies that have been preparing their offices, including Transmit Security, DriveNets and Navan, are expected to begin moving in as early as January.
The new lease joins a series of large transactions at the tower. Google has signed an agreement for approximately 60,000 square meters, in a deal CTech previously reported was worth more than $300 million over 10 years. Salesforce also recently signed a five-year lease for approximately 15,300 square meters across five floors, with the annual rent estimated at NIS 27.5 million. The Salesforce agreement is intended to bring together the company’s approximately 1,000 Israeli employees at the new site in 2028.
ToHa 2 is being developed by Amot and Gav-Yam and was designed by architects Ron Arad and Avner Yashar. The tower rises approximately 300 meters and has 77 floors, with floor plates ranging from 2,500 to 3,000 square meters.
