Tishman Speyer Signs 150 Year Lease for Chrysler Building

Tishman Speyer has secured control of the Chrysler Building in New York City after signing a 150-year ground lease with the site land owner, private college Cooper Union. Bisnow and the Commercial Observer reported that the company agreed to pay $235 million in addition to future lease payments to take over stewardship of the landmark asset. Curbed noted that Canadian public pension fund PSP is an investor in the deal alongside Tishman Speyer, citing a report by the New York Times. [1][2][5]

The new operating group plans to execute extensive renovations across the Art Deco tower. Bisnow, Curbed, and the Commercial Observer reported that the planned upgrades will target office space and existing restrooms, while adding new life to the concourse and constructing a private club. Curbed added that the building requires significant attention to compete directly against surrounding modern office facilities. [1][2][5]

The change in control follows a period of financial distress for the asset. Curbed reported that previous owner Aby Rosen of RFR had aimed to execute a similar renovation plan, but struggled as post-pandemic office demand shifted. Rosen ultimately lost the tower in foreclosure in January, leading directly to the latest transaction. [1]

The 1,046-foot Art Deco skyscraper is located at 42nd Street and Lexington Avenue in East Midtown Manhattan. Completed in 1930, the structure remains the tallest steel-framed brick building in the world and briefly held the title of world tallest building for 11 months. [11]