{"id":1004147581,"date":"2016-07-07T01:13:18","date_gmt":"2016-07-07T09:13:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147581"},"modified":"2020-05-13T23:57:24","modified_gmt":"2020-05-14T07:57:24","slug":"madison-international-sells-premier-oslo-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/madison-international-sells-premier-oslo-office-asset\/","title":{"rendered":"Madison International Sells Premier Oslo Office Asset"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/p>\n

\"Statoil<\/a>

Statoil office building, Oslo<\/p><\/div>\n

Oslo and New York<\/strong>\u2014Less than two years after Madison International Realty<\/a> increased its stake<\/a> in the Statoil office complex in Oslo, Norway, the investment company has sold the 721,000-square-foot property to a Norwegian consortium of investors led by Arctic Securities<\/a>. The regional headquarters building, fully leased to international energy company Statoil ASA<\/a> until 2027, fetched $465 million in one of Norway\u2019s largest office transactions year to date.<\/p>\n

Keen on the Norway real estate market and the Statoil tower in particular, Madison had snapped up a larger interest in the asset for $110 million in October 2014, boosting its original 35 percent equity stake\u2014purchased soon after the complex’s completion in 2012\u2014by an additional 59.5 percent. Two appears to have been a magic number at the Statoil building, with Madison making strategic moves for the property every two years until now. Timing is everything, and the timing is good for sellers in Oslo\u2019s office sector.<\/p>\n

\u201cThe market in Oslo has seen significant cap rate\/yield compression driven by continued strength in market demographics, and strong interest from an ever-growing group of international buyers who had previously ignored the market,\u201d Derek Jacobson, managing director at Madison International Realty, told Commercial Property Executive<\/a><\/em>. \u201cThe demand for assets has also increased with the relative attractiveness of the Norwegian Kroner.\u201d<\/p>\n

Sited in Norway\u2019s coveted Fornebu submarket, the nine-story Statoil building\u2019s stunning design, conceived by the architectural firm A-Lab, can\u2019t be ignored. Icon status, a credit tenant monopolizing the tenant roster for the long term, and a premier location: the property is an investor\u2019s dream. Oslo\u2019s office market is also the stuff of reveries. Last year brought record-breaking transactions that far surpassed industry predictions, according to a report by commercial real estate services firm JLL<\/a>, which, along with Akershus Eiendom, advised Madison on the disposition. Across Norway, direct investment in commercial real estate skyrocketed 54 percent from 2014 to 2015.<\/p>\n

Madison\u2019s sale of the Statoil headquarters is hardly indicative of a waning interest in Norway; the company continues to be enthusiastic about the country’s real estate market. \u201cNorway remains attractive from the perspective of real estate and demographic fundamentals,\u201d Jacobson said. \u201cMuch of the institutional real estate is owned fractionally which lends itself to our strategy of focusing on high-quality real estate owned in partnership.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Statoil ASA’s regional headquarters fetched $465 million in one of Norway’s largest office transactions.<\/p>\n","protected":false},"author":969,"featured_media":1004147582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004147581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nMadison International Sells Premier Oslo Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/madison-international-sells-premier-oslo-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madison International Sells Premier Oslo Office Asset\" \/>\n<meta property=\"og:description\" content=\"Statoil ASA's regional headquarters fetched $465 million in one of Norway's largest office transactions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/madison-international-sells-premier-oslo-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-07T09:13:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T07:57:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Statoil-Office-Building-Oslo-Norway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/madison-international-sells-premier-oslo-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/madison-international-sells-premier-oslo-office-asset\/\",\"name\":\"Madison International Sells Premier Oslo Office Asset - 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