Madison acquired the 224,000 sq ft property in 2014 as part of a portfolio of five Houndsditch Estate properties.
Together with Nuveen it subsequently refurbished the property, adding bike storage, lockers and showers.
Additionally, Madison increased the occupancy to 100% with a weighted average lease term (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,” said Alex Lukesch, managing director of investment, at Madison International Realty.
“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.”
This transaction follows Madison’s sale of the neighbouring Devonshire Quarter to Brockton Everlast last year.
The seller was advised by CBRE and the buyer by JLL.