FRANKFURT-Madison International has acquired a significant interest in Frankfurt's Trianon Tower – a stake previously held by Morgan Stanley P2 Value. According to a statement, Madison will take on nearly 60% of the office property and enter the joint venture with Morgan Stanley Eurozone Office Fund which will retain its approximately 40% share.  The interest cost Madison $122M – or 92 million Euros – for this portion of the 85%-leased building, managing director at Madison International Realty Derek Jacobson reveals.

“This is the perfect scenario for Madison where we could purchase a fractional otherwise illiquid interest against a core-quality real estate asset,” Jacobson said of the transaction.

The Trainon Tower stands at 866 meters, according to a release, and has 47 floors. It has approximately 74,2709 square feet of space and the current anchor tenant is DekaBank. The building is also in the midst of LEED certification and it will be among the first in Germany to receive the designation once the process is complete.

Going forward, according to Madison, the building will remain home to mostly financial services tenants but, Jacobson says the company is “working with the existing partner to lease up the building and is planning an extensive 5 million Euro (approximately $6.5 million) lobby renovation.”