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Madison International Realty has sold Five Acre Square in the City of London to Northwood Investors for £170 million.
The 224,000 sq ft property was acquired by Madison in 2014 as part of a five-property Houndsditch Estate portfolio. The firm partnered with Nuveen to carry out a significant refurbishment of the site, adding bike storage, lockers and showers.
It also took occupancy to 100% with a weighted average lease term (WALT) of 8.5 years by securing tenants for the previously vacant fourth and fifth floors.
Alex Lukesch, managing director of investment at Madison International Realty, said: “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 crystalize 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.”
The seller was advised by CBRE and the buyer by JLL.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.