{"id":1004814762,"date":"2026-10-07T07:53:38","date_gmt":"2026-10-07T15:53:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004814762"},"modified":"2026-10-07T07:53:40","modified_gmt":"2026-10-07T15:53:40","slug":"tishman-speyer-finalizes-chrysler-building-ground-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-finalizes-chrysler-building-ground-lease\/","title":{"rendered":"Tishman Speyer Finalizes Chrysler Building Ground Lease"},"content":{"rendered":"
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Tishman Speyer plans to reposition the 1.3 million-square-foot Chrysler Building under a new 150-year ground lease. Image by C. Taylor Crothers, CTC Creative<\/em><\/figcaption><\/figure><\/div>\n\n\n

Tishman Speyer and The Cooper Union for the Advancement of Science and Art have finalized a 150-year ground lease for the Chrysler Building at 405 Lexington Ave. in Manhattan. The agreement includes a $235 million investment as well as ground-lease payments to Cooper Union.<\/p>\n\n\n\n

PSP Investments is the lead investor in the transaction. Tishman Speyer plans to reposition the 1.3 million-square-foot tower, with the partnership using 100 percent equity to finance the ground lease and redevelopment.<\/p>\n\n\n\n

Cooper Union has owned the land beneath the Chrysler Building since 1902, when it was granted to the school by Peter Cooper\u2019s children.<\/p>\n\n\n\n

The repositioning will include a new amenity program on the building\u2019s 61st floor, featuring a lounge with outdoor access, gathering space and food and beverage options. A second wellness-focused amenity program is planned for the building\u2019s underground arcade.<\/p>\n\n\n\n

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