Azrieli Group Ltd. (TASE: AZRG) and Israeli fintech startup Rapyd announced today that they have signed a lease agreement for 27,500 square meters of space in two different towers in the Azrieli Center in Tel Aviv, including the first-ever leasing deal for the under construction spiral tower.

Rapyd is leasing 11,000 square meters on eight floors in the triangular tower and a 2,400 square meter garden balcony. One of the floors will contain space for training programs for computer science graduates as well as the venture capital fund Rapyd Ventures and the fintech incubator that the company plans setting up.

Rapyd is leasing seven floors and 14,000 square meters in the spiral tower, which is under construction and due for occupancy in 2026. The spiral tower will have 91-floors when completed and unlike the existing three towers in the Azrieli Center, will have 27,000 square meters of apartments as well as offices, commercial space and hotels. The spiral tower is being built to the immediate north of the threee existing towers, on the site of the former offices of Yedioth Ahronoth.

The leasing deal is worth an estimated NIS 100 million for five years in the circular tower and another NIS 150 million for five years in the spiral tower.

Rapyd has developed a payment platform for businesses and consumers to allow bank transfers, digital wallet infrastructures, cash payments, local alternative payment tools and more. The company has 300 employees in Tel Aviv, London, Amsterdam, Iceland, Singapore and Mountain View, California.

Published by Globes, Israel business news – en.globes.co.il – on April 26, 2021

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