One of Istanbul's tallest buildings! Sapphire Shopping Mall is closing.

The Sapphire Shopping Mall located in the Levent district of Istanbul will be converted into office space and office rentals will start soon. Sapphire, which initially served as a luxury shopping mall, is expected to begin office rentals.

RENTALS WILL START WITHIN 1 MONTH

According to information obtained from Kiler Holding, the renovation of the shopping mall section has been completed. It is expected that office rentals will start in approximately one month.

ONE OF ISTANBUL'S TALLEST BUILDINGS

Sapphire, located in Istanbul's 4th Levent district, is one of the tallest buildings in Istanbul with a height of 262.5 meters. Sapphire was designed as a mixed-use project that includes residential, shopping mall, and observation terrace. The building consists of 10 basements and 56 floors above ground.

REACQUIRED BY KILER HOLDING

Sapphire Shopping Mall was sold to Halkbank for $100 million in 2019 in exchange for its debts, and in 2021, it was reacquired by Kiler Holding for $48 million. Kiler Holding, which has been wanting to convert the shopping mall into offices since last year, has separated ways with tenant brands and closed the shopping mall in January.

According to the real estate valuation report published by the company on the Public Disclosure Platform at the end of 2023, the value of Sapphire Shopping Mall is 2 billion 411 million 324 thousand TL.