The Chrysler Building, the Art Deco skyscraper defining the Manhattan skyline since 1930, is poised for a makeover. Tishman Speyer, along with other investors, is buying the building for $235 million and planning substantial interior upgrades. The purchase caps over a year of uncertainty after previous owners faced financial difficulty and were criticized for neglecting upkeep while vacancies soared.
Rob Speyer, chief executive of Tishman Speyer, stated the firm plans to restore offices and common areas to their former glory, modernizing the whole infrastructure including a total overhaul of elevators and polishing the stainless steel at the crown. The 1,046-foot tower, designed by architect William Van Alen, was once the world's tallest building. It has cycled through tenants including the Western Union Telegraph Company and the Chrysler Corporation, which had its headquarters there for two decades.
The land is owned by Cooper Union, and Tishman Speyer will pay rent under a 150-year ground lease. The deal represents a round trip for Tishman Speyer, who previously purchased the building in 1997 for $220 million, restored Art Deco flourishes including the Edward Trumbull mural, and sold it in 2008 for $800 million. In 2019, Signa and RFR bought the property for about $150 million.
By 2024, RFR was behind on lease payments, and a judge terminated its lease. Mr. Speyer struck a new deal with Cooper Union, declining to elaborate on terms. Among the renovation plans, Tishman Speyer plans to turn the 61st floor, known for its stainless steel eagle gargoyles, into a clubhouse with food, drink, and an outdoor terrace open to all tenants. Wellness services, including fitness options, will be added to the arcade space below the lobby.
The agreement echoes a playbook employed at 30 Rockefeller Plaza.
Source: New York Times Business · Summarized by HeadlinesBriefing