Rob Speyer Of Tishman Speyer Signs 150-Year Ground Lease With Steven McLaughlin Of Cooper Union For Chrysler Building
395 Lexington Avenue
Building Size
1,035,307 SF
Asset Type
Office
Closing
Oct 6, 2026
About this deal
AI
The property asset involved in this transaction is the Chrysler Building located at 395 Lexington Avenue, in the Grand Central market of Manhattan. This office asset has a total square footage of 1,035,307. The transaction is a significant ground lease agreement for a duration of 150 years.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $351 million
- Square Footage: 1,035,307
- Address: 395 Lexington Avenue
- Market: Grand Central, Manhattan
- Landlord: Steven McLaughlin - Cooper Union
- Tenant: Rob Speyer - Tishman Speyer
- Lease Terms: 150-year
- Lease Type: Groundlease
The key individuals in this transaction include Steven McLaughlin, who represents the landlord, Cooper Union, and Rob Speyer, who represents the tenant, Tishman Speyer. This notable agreement outlines Tishman Speyer's long-term commitment to the property under the established ground lease terms.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93