Bank Leumi Selling Manhattan Headquarters

YERUSHALAYIM -

Bank Leumi is looking for a buyer for its U.S. headquarters, two buildings on Fifth Avenue and 47th Street in Manhattan, for as much as $100 million, Haaretz reported.

The property at 579 Fifth Avenue has been the bank’s American center for decades, but will fall victim to a streamlining plan outlined in the second-quarter financial report, released a week ago. One of the buildings is owned by Leumi, the other is leased.

Expectations are that the buildings will bring in between $85 million and $100 million, which will contribute to the bank’s strategy to increase long-term profitability by focusing on core activities and raising operational efficiency.

The sale will likely not take place before the end of 2015, however. One reason for the slow implementation of the decision is that one of the buildings has numerous tenants, with whom Leumi will need to reach agreements on the date for vacating the premises.