First shared on LinkedInView the original post
- Development
- The Chrysler Building
- Value
- $235 Million
- Location
- 405 Lexington Avenue, Midtown East, Manhattan
Tishman Speyer is back at the Chrysler Building. Chosen from a field of competitive proposals, it has signed a 150-year ground lease with The Cooper Union and, with lead investor PSP Investments, will put $235 million into restoring the 1930 tower, all equity.
The building has had a difficult decade. Ground rent quadrupled between 2018 and 2024, the last leaseholder was removed by the courts owing $21 million, and tenants complained of elevator outages and pests.
The plan restores the façade and crown, replaces the building's core systems and prebuilds 75% of the vacant space as ready-to-occupy suites. The 61st floor, home to the eagle gargoyles, becomes a lounge with terraces.
With almost no new office space built around Grand Central in decades, the timing makes sense.
The Team Behind the Build
| Developer | Tishman Speyer |
| Lead Investor | PSP Investments | Investissements PSP |
| Landowner | The Cooper Union for the Advancement of Science and Art |
What Comes Next
The challenge is delivering it inside a landmark that cannot visibly change. No architect, contractor or construction timeline has been announced yet.
If you have worked inside a protected tower and would like to hear when the team forms, we would welcome a confidential conversation.
Sources
- PSP Investments: Tishman Speyer and The Cooper Union finalize ground lease agreement and revitalization plan for Chrysler Building
- Bisnow: Tishman Speyer retakes Chrysler Building, plans $235M renovation
- CRE Daily: Judge orders RFR to cede Chrysler Building to Cooper Union
More From Market Watch
Industry Insight: A Soft Market, a Tight One for Leaders
More US contractors cut headcount than added it this year, yet 75% of firms seeking a superintendent struggle to hire one and construction unemployment is at a record low.
Behind the Build: Four Builds at the Top of the Market
Some of New York's most complex construction happens behind closed doors, inside private homes. Four examples, and the specialist builders who delivered them.
Market Insight: New York vs Miami Office Demand
Manhattan office leasing is at its strongest since 2000 and conversions are set to more than double, while Miami has too little office space for demand. Fit-out, conversion and high-rise delivery draw on the same pool of project leaders.