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Abu Dhabi Purchases Share of Chrysler Building

The government of Abu Dhabi recently bought a 90% stake in New York City’s famed Chrysler Building, according to news reports in the New York Times. Tishman Speyer Properties, which owns the ground underneath the art deco skyscraper, will still have a controlling interest in the property.

 

The 77-story tower, which was opened in 1930, has long been one of Manhattan’s prime properties. Some of the unique features of the building include chrome and stainless steel on parts of the exterior as well as throughout the building, as well as African marble in the lobby and the exclusive 66th floor Sky Club. There are also gargoyles on the façade, which have been featured in many photographs and movies. Tishman Speyer has poured over $100 million US into renovations of the building over the past few years.

 

According to those who are familiar the deal, the Abu Dhabi Investment Council paid approximately $800 million for the 90% share. In separate negotiations, the Council is looking to buy the retail space in the neighboring Trylons building, which is also owned by Tishman Speyer. Tishman Speyer and its partner Travelers Group purchased Chrysler Building in 1997, as well as the adjoining Kent Building.

 

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11/07/2008

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