Thursday, 16 July 2015
Madison International Realty sells Trianon office tower for €540 mln (DE)
Madison International Realty, a leading real estate private equity firm, announced that it has sold the Trianon Office Tower, a Frankfurt landmark which was owned by Madison and the Morgan Stanley Eurozone Office Fund (MSEOF). NorthStar Realty Finance Corp., headquartered in New York, acquired the property for approximately €540 mln.
Madison acquired a stake in the building in 2012 having been previously been owned by two open-ended property funds since 2006.
Rising 186 meters or more than 610 feet, the 47-story office tower with its triangular layout and its roof in the shape of an upside-down pyramid, known the Diamond, is an icon on the Frankfurt skyline.
Extensive investments and active asset management by Bilfinger Real Estate Argoneo GmbH have been highly successful in leasing the property. In 2014, the German Central Bank signed a contract for 15,000 m² of office space, making it one of the largest individual lease agreements on the Frankfurt office market.
At 98.5% leased, the building is nearly completely occupied, with DekaBank as the main tenant. Madison International Realty acquired its stake, Trianon was 85% leased. In its focus of acquiring direct secondary equity interests, Madison has been supported by Cologne‐based Art‐Invest Real Estate, which has also participated in the transaction. BNP Paribas and CBRE advised the owners during the sale process.
Source: FTI Consulting