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EL Al Israel Airlines Ltd. will move its New York team to Broward County./ GAIL HANUSA

By Erik Bojnansky  –  Reporter, South Florida Business Journal |  

El Al Israel Airlines Ltd. (TASE: ELAL) will relocate its U.S. headquarters to Broward County, according to Mayor Michael Udine.

He said El Al will move its executive teams from New York City and Long Island to a new office in Margate.

"They will look for locals to hire in areas of marketing, aviation, finance, everything," said Udine, who sat in on meetings between El Al executives and the leaders of the Greater Fort Lauderdale Alliance, a leading South Florida economic development agency.

"This is another great brand that we are getting to come down to Broward," Udine added.


Broward Mayor Michael Udine/ Greater Fort Lauderdale Alliance

El Al confirmed that the office is at 5297 Copans Road in Margate.

Globes, an Israeli business news website that broke the story, reported that the building is owned by Kenny Rozenberg, an American-Israeli billionaire who obtained a controlling interest in El Al this past October.

Rozenberg is the manager of 5297 W. Copans Road, LLC. That LLC bought an office building at 5297 Copans Road in Margate for $5.5 million in October 2018, according to the Broward County Property website. The structure was built in 1990, substantially renovated in 2014, and is 32,164 square feet in size.

Broward County has more affordable office rents compared to Miami-Dade and Palm Beach counties, a recent report from JLL noted, with rates averaging $37.72 a square foot as of the first quarter of this year. Northwest Broward's average leasing rate was $31.18, a 14% increase from the year before.

Broward County is also home to Spirit Airlines (NYSE: SAVE), JetBlue Vacations — a subsidiary of JetBlue (Nasdaq: JBLU), and the North American headquarters of Norwegian airliner Norse Atlantic.

Recently, the Alliance celebrated the retention and creation of more than 700 jobs.

 

 

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