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.
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Chrysler Building, one of the most emblematic skyscrapers in New York, is changing ownership and going through a modernization, amidst the strong growth of demand for high-standard offices in the city. Exclusive material for subscribers. To have full access, access the link of the subject and register.
Monument protection, technical deficits and the Signa-Pleite made it difficult to find an investor for the Chrysler Building. Now a million-dollar renovation is to breathe new life into the famous skyscraper.
The search for a buyer was also lengthy due to the preservation of monuments. Now the real estate company Tishman Speyer wants to invest 235 million US dollars in the skyscraper.
New York Post
online-listing.comChrysler Building to be restored, modernized thanks to $235M lease deal with Rockefeller Center owner
The iconic Chrysler Building, Manhattan’s Queen of the Night, will get to wear her illuminated crown for a long time to come.
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