Tishman Speyer Secures $235 Million Lease to Revive Manhattan’s Chrysler Building

Tishman Speyer, the owner of Rockefeller Center, has acquired the ground lease of the Chrysler Building for a 150-year term, agreeing to pay rent to the Cooper Union. The firm will invest $235 million to refurbish the Art Deco tower, addressing decades of neglect and a vacancy rate far above the Grand Central area average. Plans call for modernizing outdated systems, creating an indoor-outdoor amenity hub on the 61st floor, and pre-constructing 75 % of empty floors as ready-to-occupy suites for smaller tenants.

The partnership also involves the Public Sector Pension Investment Board and aims to secure the building’s illuminated crown for the future. Industry observers praised the acquisition as a strategic move to revitalize a historic landmark while meeting current market demand for flexible office space.