By Libya Herald reporter.
Tripoli, 5 July 2015:
Waha Oil Company is in the final stages of a LD 70-million lease deal for . . .[restrict]the taller of the two Bulayla Towers in Tripoli.
The deal, with Datamon Company for Real Estate Investments, the owner of Bulayla Towers, is for a ten-year lease for the 34-story building which has its own a helicopter landing pad at the top. Waha, a joint venture between the National Oil Corporation (NOC) and US companies ConocoPhillips, Marathon and Amerada Hess, will pay LD 7 million a year in rent.
According to NOC, Waha will centralise all its administration at the tower until a new headquarter is built in nearby Hay Al-Andalus district.
The owners of Bulayla Towers have confirmed the deal. “We are in the final stages of signing the contract which is expected to happen before the end of July,” Bulayla’s head of investment, Amel Shibani, told the Libya Herald. “However, the office space in the tower still needs a lot of finishing works, plus furniture. So we expect the client to start operate formally in it at the beginning of next year,” she added.
Negotiations have been ongoing for the past three months.
The smaller 27-story Bulayla Tower was sold to the Libyan Investment Authority (LIA) in 2010 for LD 123 million. It remains empty however, because of legal complications following the revolution, despite 80 percent of the price being paid. [/restrict]
