We present a 2 × 2 orbifold compactification of the E 8 × E 8 heterotic string which gives rise to the exact chiral MSSM spectrum. The GUT breaking SU(5) → SU(3) C × SU(2) L × U(1) Y is realized by modding out a freely acting symmetry. This ensures precision gauge coupling unification. Further, it allows us to break the GUT group without switching on flux in hypercharge direction, such that the standard model gauge bosons can remain massless when the orbifold singularities are blown up. The model has vacuum configurations with matter parity, a large top Yukawa coupling and other phenomenologically appealing features.