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(photo credit: )
Canadian businessman Gerry Schwartz has bought the historic Levin House building on Rothschild Boulevard in Tel Aviv for $8.5 million from local property developer Alfred Akirov's Alrov Group.
The Bauhaus-style landmark, which is listed as a preserved building, served in the past as the Russian Embassy in Israel and today houses the local branch of US auction house Sotheby's.
Schwartz said he intends to move his local office to the building and from there focus his operations, including his philanthropic activities.
The deal was negotiated by Schwartz's Israeli representative Aviv Bushinsky and Akirov and followed a report published by local businessman Arkadi Gaydamak saying he was interested in the property.
Schwartz was in the country this week for the annual ceremony of the Heseg Fund, which provides scholarships to lone soldiers wishing to study after their service. The fund, for which Heseg is a major sponsor, presented grants to 100 released soldiers at the ceremony.