Government-owned Rafael Advanced Defense Systems is buying 16,000 square meters in the Cosmopolitan 1 project in Tel Aviv’s Hassan Arafa district for NIS 521 million. The office space will become the company’s main development center.
As reported two weeks ago, Rafael will receive a similar sum from the government for vacating the Giva complex in the east of Tel Aviv as part of the plan for vacating army bases and security installations in high-demand areas.
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The Cosmopolitan project is being developed by Acro Real Estate, Phoenix Financial, Yuvalim, City Boy and Shabbat Moshe. The project will be built in stages: Cosmopolitan 1, where Rafael has acquired the office space for its new development center; and Cosmopolitan 2, which will include about 175,000 square meters of office and commercial space and 500 residential units on 17 dunams (4.25 acres) of land. The project is managed by Waxman Group (WXG) engineering company.
Work has already begun on Cosmopolitan 1, and according to Acro’s 2024 financial report, construction will be completed by the end of 2030. Work will begin on Cosmopolitan 2 in 2030 and be completed in 2034. The project is located near the Carlebach light rail station, where the Red Line and planned Green Line will intersect.
Two Metro stations will be built near the Hassan Arafa district, one on the M1 line and the other on the M2 line. Accordingly Rafael has only acquired the right to use 120 parking spaces as part of the deal, for 25 years with an option for an additional 25 years.
Rafael said, “The company is growing at a very fast pace, and its activity in development centers across the country has increased significantly year after year. At the development center in Tel Aviv, we provide a solution for the best minds who choose to work for Rafael and dedicate their research work to the security of the State of Israel. In cooperation with the Israel Land Authority, we have arranged an agreement to vacate the Horodotsky complex (in east Tel Aviv), and we are investing the proceeds in the purchase of space that will enable the expansion of activity in the center.”
Published by Globes, Israel business news – en.globes.co.il – on June 25, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
