Madison International Realty has sold Five Acre Square in the City of London, United Kingdom, to Northwood Investors, a leading privately-held global real estate investment firm, for an undisclosed price. Madison acquired the 224,000ft² 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 the 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. Five Acre Square provides Northwood with a core, income-producing asset in a desirable City of London location, with a potential significant long term redevelopment opportunity.
Alex Lukesch at Madison International Realty, commented: “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.”
