Madison International Realty has completed the €540m ($588.3m) sale of its stake in a Frankfurt office tower.
The Trianon was jointly owned by Madison and Morgan Stanley’s Eurozone Office Fund.
US REIT NorthStar Realty Finance last month said it paid €540m for an unnamed Frankfurt tower.
When Madison bought a 57% stake from Morgan Stanley’s P2 Value fund in 2012, Trianon was 85% leased.
The company paid €260m, according to media reports.
Ronald Dickerman, Madison founder and president, said: “At the time of purchase, we were certain that, with the right partners and the right business plan, we would be able to increase the value of this prestigious building in the financial district of Frankfurt.”
The German Central Bank last year signed a contract for 15,000 sqm of office space, making it one of the largest individual lease agreements on the Frankfurt office market.
At 98.5% leased, the 66,000 sqm building is almost fully let, with DekaBank as the main occupier.
Law firm Linklaters is also a tenant.