A newly renovated office building in Jerusalem is costing a total of $35.8 million to remodel, with $25.6 million in renovations and another $4 million in additional capital expenditures, the building’s owner announced.
Dubbed “Shiva’s Corner,” the two-story office building at 1081 HaBayitim Street was built in 2009.
Its new tenant is a private equity firm called Eliyahu Properties, which is currently leasing the building from the Israeli government.
Shiva Properties CEO Shlomo Kroll said in a statement that the company’s office was built to its specifications and meets the latest Israeli building standards.
“In addition to the office space, we will upgrade the surrounding areas, including new office walls and ceilings, as well as new elevators and parking, according to plans finalized last month,” Kroll wrote.
“This is the biggest renovation project of our building.”
Construction of the building began in May and is expected to be completed by October.
The building’s building code was updated in 2018 to reflect that it would be a “high-rise” and “low-rise building,” meaning it was designed to accommodate the maximum number of tenants and the most amount of space available in a single location.
Eliyahu’s management team plans to add a parking garage and additional office space on the ground floor, according the company website.
Construction of the new office building is expected for completion by the end of 2019, the same year the building is to be designated as a “temporary office building.”
The company will begin the renovation in January 2020, and will also install new elevations and parking for the building, according Eliyaus website.
Construction of “Shivas Corner” will begin “as soon as possible” and be completed “as part of a new, innovative development that will help us build the Israeli economy and the Israeli public,” Eliyas CEO wrote.
The building’s total estimated cost of $30 million is higher than the previous record-holder for a building of its size and scale in the country, according an analysis by the Jerusalem Post.