The firm intends to modernize the iconic space by integrating premium amenities, including an indoor-outdoor lounge, alongside dedicated fitness, wellness, and meeting facilities. To attract smaller tenants and expedite occupancy, Tishman Speyer will prebuild 75% of current and forthcoming vacancies into move-in-ready suites.
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Tishman Speyer to Revamp Chrysler Building Following Lease Deal
Securing a 150-year ground lease for the 77-story Chrysler Building, real estate firm Tishman Speyer is launching a comprehensive repositioning of the Manhattan landmark. The project aims to transform the historic tower into a boutique office destination, backed by a $235 million capital injection and institutional investment.
This transaction involves significant ground lease payments to The Cooper Union for the Advancement of Science and Art, which retains ownership of the underlying land. The Public Sector Pension Investment Board served as the lead institutional investor in the deal, providing the necessary backing to execute these structural and operational upgrades.
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