Private equity firm Madison International Realty has acquired a minority stake in the 230-metre high Salesforce Tower, Bishopsgate in the city of London, formerly known as the Heron Tower.
Madison’s stake was acquired through a Jersey Property Unit Trust (JPUT) and other investors in the building include Heron International.
The 441,000 sq ft (40,970 sq m) tower at 110 Bishopsgate has 37 floors and was completed in 2011. The property is over 93% let to a range of tenants, the largest of which is US software company Salesforce. The building has a BREEAM ‘Excellent’ rating for design.
In January 2021, an ING-led syndicate of lenders completed a £400 million, five-year refinancing of the building.
“The investment reflects our conviction in the ongoing resilience of the office sector and the role we believe it will play post pandemic,” said Madison International managing director Alex Lukesch.
“We have observed that demand for quality, well located space remains robust, while companies are increasingly looking for properties that also have strong ESG credentials to help meet their own sustainability targets.”