Tishman Speyer Wins Chrysler Building in $235M Revamp Deal
Tishman Speyer has signed a 150-year ground lease for New York’s Chrysler Building. The deal was announced on October 7.
The firm will invest $235 million to restore the Art Deco tower. It will also pay ground rent to The Cooper Union. The college has owned the land under the building since 1902.
PSP Investments is the lead investor in the deal. Other global institutional investors have also joined.
The 77-story tower had fallen on hard times. The previous owners were evicted after falling over $21 million behind on rent. The building sat partly vacant for years.
Tishman Speyer plans to turn it into a world-class boutique office. The company also owns Rockefeller Center.
CEO Rob Speyer said this is a strong moment for the Manhattan office market. The land income will support Cooper Union’s plan to restore full-tuition scholarshipsWork on the restoration is expected to begin next year. The building’s famous crown lighting will stay on throughout.
Khabar 24h Editorial Desk — our explainers are prepared by the Khabar 24h editorial team using AI-assisted research tools, and every piece is reviewed by a human editor before publishing. We do not claim original reporting: our work is turning complex topics into simple, accurate summaries. Spotted an error? Write to contact@khabar24h.com — our corrections policy aims for same-day review.
More from this author →
Leave a Reply