TEL AVIV, Feb 21 (Reuters) - Israel's Harel Insurance said on Wednesday it was co-investing with real estate firm CIM Group in a 435 million shekel ($124 million) office building in San Francisco.
Harel will have 40 percent ownership of the partnership and has committed to an equity investment of 90 million shekels.
The property has 11 floors with a five-level parking garage. It is under a long-term lease to a single technology tenant who has made a significant investment in adapting the office space to its needs.
Harel said it seeking to diversify its portfolio from a geographic and a sectorial perspective, with the goal of producing stable, relatively low-risk returns for its beneficiaries and policyholders.
This is Harel's fifth real-estate investment on the West Coast of the United States in recent years. ($1 = 3.5009 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)