Madison International Realty has sold Five Acre Square in the City of London, United Kingdom, to Northwood Investors, a privately held global real estate investment firm. The purchase price was not disclosed.
According to Property Week, Madison International Realty has sold the office asset for £170 million.
Madison acquired the 224,000 sq ft property in 2014 as part of a portfolio of five Houndsditch Estate properties and together with Nuveen as its partner subsequently repositioned it as an institutional quality asset through extensive refurbishment of the lobby and public areas. This also included the addition of considerable bike storage, lockers and showers.
Additionally, Madison achieved 100% occupancy with a WALT of 8.5 years by securing lettings on the previously vacant fourth and fifth floors.
“The sale of this asset follows the completion of our asset management business plan, having repositioned the building and achieved full occupancy with two lettings in the last six months. With this and the other sales we have fully exited our Houndsditch portfolio. This transaction has allowed us to crystalise value, while at the same time passing onto Northwood a high quality core asset that also offers them the opportunity to undertake a significant development in the medium term,” said Alex Lukesch at Madison International Realty.
The seller was advised by CBRE and the buyer by JLL.