IDE Considering Expansion into Yahalom Building Top Floors

The Israeli Diamond Exchange, suffering from expensive and cramped quarters, is looking to expand and is in preliminary negotiations to purchase the top ten floors of the Yahalom Tower, one of the four buildings housing the Exchange. The top floors are not part of the exchange. According to reports in the Israeli press, Leviev is also interested in purchasing the property.

IDE President Shmuel Schnitzer says negotiations are at an early stage.

The Yahalom Tower is a 30-storey office building, housing part of the IDE in the first 20 floors. The IDE company, Mif’alot Haboursa (The Exchange Enterprises) also owns them. The top floors are jointly owned by Sahar Development and Investments and Tamar Israel, a provident fund.

If the purchase does go ahead, it will add to the Exchange nearly 12,000 square meters and hundreds of much needed parking spaces.

Reports in the Israeli press claim that Israeli diamond trader and real estater Lev Leviev is also interested in the ten floors. Leviev holds a controlling interest in Africa-Israel Investments, one of the country’s largest real estate firms. But while this sounds like the perfect match, if Leviev buys the property, he will not be able to connect them the Exchange – something that only the Exchange can do.