Tishman Speyer Buys Control of New York’s Chrysler Building

Developer Tishman Speyer purchased control of Manhattan’s iconic Chrysler Building in a $235 million deal, ending years of uncertainty for the landmark skyscraper.

The New York-based developer, along with institutional investors led by Public Sector Pension Investment Board, finalized a 150-year ground lease agreement with the land’s owner, Cooper Union, it said in a statement Wednesday. Tishman said it plans to revamp and upgrade the art deco building.

Aby Rosen’s RFR Holding bought the 96-year-old building in 2019 , but fell behind on its obligations as expenses mounted, and it lost control of the property to Cooper Union in 2024.

Tishman Speyer plans to outfit 75% of the office tower’s current and upcoming vacancies with ready-to-occupy suites. It said it will restore the facade and upgrade the mechanical, elevator, electrical and air-handling systems. Plans also include renovating the building’s 61st floor — known for its eagle gargoyles — with an upscale lounge, outdoor access and food offerings.

Tishman and its partners will finance the ground lease and its redevelopment plan with 100% equity, according to the statement. Bloomberg News reported in April that Tishman was close to gaining control of the tower.

Built in 1930 for the Chrysler Corp., the 1,046-foot (318-meter) tower designed by William Van Alen was once the world’s tallest skyscraper, until the Empire State Building took over that title less than a year later.