The hi-tech company from Jerusalem, Lighttricks, involved in video image processing and application development, signed the first rental agreement with Gav Yam at the Gav Yam Hebrew Park hi-tech park that is currently being built at the Hebrew University in Jerusalem.

The company rented ~16,000m² for 10 years at a total consideration of ~190M NIS (Gav Yam’s share – 66% – ~125M NIS). Hebrew Park construction has already begun and, upon completion, it is expected to consist of four buildings covering ~270,000m². The overall investment in constructing the park is estimated at 1.4B NIS. Approximately 10,000 employees are expected to work at park once it is completed.

The rental agreement between Gav Yam and Lighttricks was signed after the company, operating in 2,500m² of office space on the Hebrew University campus, signed an MOU in May 2019 by which it would rent 25,000m² at the hi-tech park that the university will build on its grounds. In September 2019, Gav Yam won the tender published by the Hebrew University (80%) and Jerusalem Development Authority (20%) for constructing and managing the park on 30 dunams of the Hebrew University campus as part of a combination agreement between the winning company, the University and Jerusalem Development Authority. As stated, after announcing the winning entrepreneur, Lighttricks signed the rental agreement with Gav Yam for a smaller area of 16,000m².

“We are marking the Hebrew University in Jerusalem as Israel’s next hi-tech center”, said Gav Yam CEO Avi Jacobovitz. “The park will set a new standard, dimension and bar for the hi-tech industry in Jerusalem and in Israel. Gav Yam considers the strategic partnership with leading academic institutions to be the next big thing, introducing hi-tech companies to the best human and technological capital. In addition to the rental agreement with Lighttricks, the company is conducting initial negotiations with several other hi-tech companies that also wish to take part in the unique ecosystem currently developing at Gav Yam Hebrew Park.”

Lighttricks CEO, Dr. Zeev Farbman, said “We are pleased to be among the first to join this significant project that empowers us as a company, the University and the city of Jerusalem. Despite Corona, we continued to recruit personnel and grow substantially – recruiting over 150 employees just last year”.

Hebrew University Vice President and CEO, Yishai Fraenkel, said “The park will put Jerusalem on Israel’s hi-tech map and will enable a direct and unique physical link between academia and industry. Lighttricks, whose founders are all Hebrew University alumni, was founded and grew in the hi-tech village at the Edmond J. Safra Campus at Givat Ram and its relocation to the Hebrew Park will ensure its continued development alongside the University. We believe that Lighttricks will be followed by other companies, international representatives and, of course, all other companies currently operating in the hi-tech village, which will continue to benefit from wonderful graduates and from a quality and professional interface with groundbreaking research at the university.