Tishman Speyer takes control of Chrysler Building lease

Tishman Speyer and a group of investors have agreed to take control of Manhattan’s Chrysler Building through a 150-year ground lease with Cooper Union, which owns the land beneath the tower. The investors announced plans to spend $235 million on renovations to the 1930 Art Deco landmark, including upgrades to building systems and restoration of its facade and crown. The agreement gives Tishman Speyer responsibility for the building’s redevelopment while Cooper Union receives ground-lease payments. The school has owned the land since 1902. Detailed financial terms of the agreement were not disclosed in the reports, and the structure of the payments has not been specified. Planned work includes improvements to the mechanical, electrical, elevator and air-conditioning systems, as well as restoration of the facade and the building’s stainless-steel crown. The investors also plan to convert the 61st floor into an indoor-outdoor tenant amenity space, with lounge and dining areas and access to outdoor space. Some reports describe additional fitness and wellness facilities in the underground arcade. These are plans; the reported renovations have not been completed.