Tishman Speyer, alongside the Public Sector Pension Investment Board and other institutional investors, has finalized a 150-year ground lease agreement for New York City’s Chrysler Building.
The agreement includes a $235 million investment and ground lease payments to Cooper Union, which owns the land beneath the 77-story office tower at 405 Lexington Ave.. Tishman Speyer and its partners will use 100 percent equity to finance the ground lease and redevelopment plan.
The investment group plans to restore the building’s historic facade and crown, modernize its infrastructure and introduce new tenant amenities. The redevelopment will include an indoor-outdoor amenity space on the 61st floor and fitness, wellness and meeting facilities in the building’s underground arcade.
