Tishman Speyer Acquires Chrysler Building Office Leasehold In Manhattan For $235 Million

The property involved in this transaction is an office asset, specifically a leasehold interest in the Chrysler Building located at 405 Lexington Avenue in Manhattan. The well-known landmark has a total square footage of 1.2 million square feet and was acquired for a transaction amount of $235 million, equating to $196 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $235,000,000
• Address: 405 Lexington Avenue
• Market: Manhattan
• Buyer: Rob Speyer - Tishman Speyer
• Seller: The Cooper Union for the Advancement of Science and Art
• Broker: David Heller - Savills

This deal was facilitated by David Heller, who represents Savills in this transaction. The purchase includes a new 150-year ground lease, reflecting the long-term investment strategy of Tishman Speyer. Rob Speyer, as a principal figure in Tishman Speyer, continues to play a significant role in the ongoing development and management of high-profile real estate assets.