Madison Exits Stake in Statoil HQ

OSLO—The 721,000-square-foot office property is fully leased to Norway’s largest oil and gas producer; Madison International increased its ownership from 35% to 90% during a three-year hold period.

Statoil headquarters in Oslo

OSLO—Madison International Realty has completed the sale of the Statoil office complex here for NOK 3.9 billion (US$465 million or EUR 419 million). The new ownership is a club of local investors established by Arctic Securities. At a 5.4% cap rate, the Statoil building sale is one of the largest in Norway thus far in 2016.

Norway’s largest oil and gas producer, Statoil ASA is the sole tenant of the 721,000-square-foot office property. The European headquarters lease runs until 2027; the property benefits from its proximity to a number of other domestic and international blue-chip company corporate headquarters within Oslo’s Fornebu submarket.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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