Following a period of severe operational and financial uncertainty, New York City’s iconic Chrysler Building has entered a new phase under Tishman Speyer. The commercial real estate firm, alongside PSP Investments and institutional partners, has finalized a 150-year ground lease with landowner The Cooper Union. Funded entirely with equity, Tishman Speyer will invest $235 million to execute an all-encompassing interior and exterior restoration of the 1.3 million-square-foot Art Deco landmark, which had previously suffered from deferred maintenance, declining tenant occupancy, and legal disputes under former leaseholder RFR.

The comprehensive repositioning strategy aims to transform the 1,046-foot-tall tower into Manhattan’s premier boutique office destination. The 61st floor, famous for its massive eagle gargoyles, will be converted into an indoor and outdoor lounge featuring premium dining, meeting spaces, and panoramic views of the city, alongside a secondary wellness and fitness center in the underground arcade. The famous facade and spire crown will undergo full restoration while internal mechanical, electrical, elevator, and HVAC systems are modernized for maximum energy efficiency. To accelerate leasing velocity, Tishman Speyer plans to prebuild move-in-ready office suites across 75 percent of current and future vacant space, allowing prospective tenants to move in without delay.

(source: 6sft, picture: Esteban Chinchilla)