Tishman Speyer Takes Over Chrysler Building With Big Renovation Plans
Tishman Speyer has officially taken control of the Chrysler Building in Manhattan, securing the famed skyscraper following months of negotiations. The commercial real estate firm announced plans to invest $235 million to acquire, restore, and modernize both the interior and exterior of the distinctive property. The sweeping upgrade includes restoring the building crown and providing a new supply of office space. Tishman Speyer signed a 150-year ground lease to reposition the landmark structure.
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- ✓ Tishman Speyer announced on Wednesday, October 7, that it is taking control of the Chrysler Building after months of negotiations.
- ✓ Tishman Speyer signed a 150-year ground lease to reposition the Chrysler Building.
- ✓ The project involves spending more than $200 million on upgrades and rent, with total investment figures reported at $235 million.
What changed
Tishman Speyer announced it is taking control of the Chrysler Building with a multi-million-dollar investment for extensive renovations and a 150-year ground lease.
Live updates
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Tishman Speyer Takes Control of Chrysler Building with $235M Revamp
Tishman Speyer has officially taken control of the Chrysler Building in Manhattan, securing the famed skyscraper following months of negotiations. The commercial real estate firm announced plans to invest $235 million to acquire, restore, and modernize both the interior and exterior of the distinctive property. The sweeping upgrade includes restoring the building crown and providing a new supply of office space. Tishman Speyer signed a 150-year ground lease to reposition the landmark structure.
Why it matters
The transaction brings a new owner to one of New York City's most recognizable architectural landmarks. Tishman Speyer, the owner of Rockefeller Center, takes over the property with extensive renovation plans to modernize the asset. Financial figures and lease terms vary slightly across reporting, with some outlets citing a $235 million investment and others pointing to a $225 million ground lease value.
What is confirmed
- Tishman Speyer announced on Wednesday, October 7, that it is taking control of the Chrysler Building after months of negotiations.
- Tishman Speyer signed a 150-year ground lease to reposition the Chrysler Building.
- The project involves spending more than $200 million on upgrades and rent, with total investment figures reported at $235 million.
Still unconfirmed
- The ground lease value specifically totals $225 million according to local reports.
What to watch next
- Progress updates on the exterior crown restoration and interior office modernization.
- Further details regarding the timeline for the multi-million-dollar construction work.
confidence 95%Sources used for this update (16)
- The New York Times — Tishman Speyer Takes Over Chrysler Building With Big Renovation Plans
- Bloomberg.com — Tishman Buys Control of Chrysler Building for $235 Million
- amNewYork — Chrysler Building to get makeover as nearby university aims to restore free tuition
- Commercial Observer — Tishman Speyer Signs 150-Year Ground Lease to Reposition Chrysler Building
- The Real Deal — Tishman Speyer Secures Chrysler Building Return
- Crain's New York Business — Tishman Speyer to retake Chrysler Building, spend more than $200M on upgrades and rent
- Yahoo Finance — New York's famed Chrysler Building finally finds a buyer
- Dezeen — Chrysler Building restoration plan annouced
- Bisnow — Chrysler Building Set For $235M Revamp
- www.bbc.co.uk — Chrysler Building to get its crown restored after being sold - BBC News
- www.curbed.com — A Soho Townhouse That Was a Life’s Work - Curbed ,A site for city people
- www.curbed.com — Gowanopolis Rising: a Brooklyn Neighborhood’s Building Boom - Curbed ,A site for city people
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