Chrysler Building Will Get $235M Makeover With New Ownership Deal
The deal includes $235 million in investment and a plan to modernize the 1.3 million-square-foot tower into boutique offices.
- On Wednesday, October 7, 2026, Tishman Speyer and The Cooper Union for the Advancement of Science and Art finalized a 150-year ground lease for the Chrysler Building, the iconic 77-story tower located at 405 Lexington Avenue in New York City.
- Founded in 1859, The Cooper Union has owned the land beneath the landmark since 1902, intending it as a permanent financial source for the college's mission, according to president Steven W. McLaughlin.
- Tishman Speyer, joined by lead investor the Public Sector Pension Investment Board , will deploy $235 million to restore the tower, modernize mechanical systems, and create amenities on the 61st floor.
- Revenue from the lease supports an integrated financial plan to restore full-tuition scholarships for all undergraduate students by the 2028-2029 academic year, according to Cooper Union Vice President of Finance & Administration John Ruth.
- To attract smaller users, Tishman Speyer will prebuild 75 percent of current and upcoming vacancies with ready-to-occupy suites, repositioning the 1.3 million-square-foot tower within the competitive Manhattan office market.
32 Articles
32 Articles
Standing in New York, the legendary Chrysler skyscraper has finally found a buyer. A U.S. real estate company announced on Wednesday the acquisition of the building. The new owners promise to carry out a large-scale reconstruction of the building in the art deco style.
The Chrysler, inaugurated in 1930, had spent several years in a situation of uncertainty
The project contemplates the restoration of the facade and the polishing of its famous stainless steel crown.
The promoter Tishman Speyer will revitalize the iconic Chrysler, New York's art deco symbol, after years of uncertainty and criticism for abandonment.With an investment of $235 million, the plan includes modernizing systems and creating a gastronomic space, returning its ancient splendour.
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