Following an Iranian missile strike last weekend, a tower in central Israel that includes a residential high-rise and five floors of offices is being evacuated. The impact caused severe structural damage to the residential tower itself, and its effect also spread to the commercial floors below, which led to the immediate evacuation of all tenants and companies operating in the complex. This is one of the largest mixed-use sites in the area, which houses tenants alongside high-tech companies, some of which are prominent names in Israel, as well as venture capital funds.
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Among the companies operating on the site and forced to evacuate are AI21 Labs – the AI company founded by Prof. Amnon Shashua, venture capital fund Entrée Capital, the PSG fund, Flare (formerly Marble) and cybersecurity company Salt Security.
According to sources familiar with the condition of the building, the damage caused requires extensive renovation work, and may take many months and even a year until the offices and apartments can be used again. At this stage, the entire building is not accessible to the public, except for specific permits given to designated teams removing equipment and undertaking urgent work.
In addition to the actual damage caused, general structural implications for the stability of the building and the possibility of reoccupation are also being examined, including damage to the roof, plumbing, electrical systems and sealing, and deep damage to critical infrastructure. It is not yet known, according to what the building’s residents and tenants have been told, whether the building will need to be demolished.
To add to the woes of the building’s tenants, Michael Eisenberg, a partner at the Aleph Fund, posted on his X account (formerly Twitter) a video from security cameras from one of the fund’s portfolio companies, in which a person was recorded entering through a shattered window in the complex and stealing equipment. “Scoundrels take advantage of situations like this,” Eisenberg wrote, “Be vigilant and check that everything is closed even after missiles hit.”
Published by Globes, Israel business news – en.globes.co.il – on June 17, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
