Tishman Speyer secures $235 million deal for Chrysler Building

Real estate developer Tishman Speyer has reached a $235 million agreement to take control of the iconic Chrysler Building in Midtown Manhattan. The deal includes a 150-year ground lease for the land, which is owned by Cooper Union.

The move follows a period of uncertainty for the Art Deco skyscraper after its previous leaseholder was expropriated by a judge in September 2024 due to non-payment of rent following the bankruptcy of the Signa Group. Tishman Speyer, which previously held a stake in the building from 1997 to 2019, is returning to the property alongside institutional investors, including Canada’s PSP Investments.

The firm plans an intensive rehabilitation program to modernize the 77-story tower and compete with newer Manhattan skyscrapers. Planned upgrades include restoring the exterior facade and stainless steel crown, updating mechanical and elevator systems, and converting approximately 75% of vacant office space into ready-to-occupy suites. Additionally, the 61st floor is slated to become an upscale dining and meeting space with terrace access.