Tishman Speyer to Transform Chrysler Building Into World-Class Boutique Office

The Cooper Union for the Advancement of Science and Art recently announced the finalization of a ground lease agreement with Tishman Speyer for the Chrysler Building. Following more than a year of uncertainty regarding the fate of the property, Tishman Speyer swings big with plans to invest $235 million in the building, in addition to ground lease payments to The Cooper Union.

The Midtown Manhattan, N.Y., skyline icon rising 77 stories above Lexington Avenue will undergo an ambitious restoration program that intends to transform the Chrysler Building into a world-class, boutique office environment. The extensive building improvement and hospitality program announced by Tishman Speyer aims to breathe new life into the 1.3 million square feet of Manhattan office space at 405 Lexington Ave.

“We are pursuing an ambitious plan for the Chrysler Building at a historically strong moment for the Manhattan office market,” said Tishman Speyer CEO, Rob Speyer. “We are thrilled to lead this beloved building’s next chapter. Just as we have done through new developments like The Spiral and our continuous reinvention of Rockefeller Center, we will create an environment that will make our customers proud and excited to work here every day.”

Repositioning the Chrysler Building as Manhattan’s most distinctive new boutique office building will pair one of the world’s most iconic addresses with a workplace experience designed for today’s customers.

“The significance of this agreement is ultimately about what it makes possible for generations of Cooper Union students,” said Steven W. McLaughlin, president of The Cooper Union. “For more than a century, the Chrysler Building has helped sustain Peter Cooper’s vision of opening access to education by removing financial barriers. We have a responsibility to be caretakers of that promise, to build upon it and to leave Cooper stronger for those who come after us. This agreement is part of an integrated financial plan that gives us the framework to confidently pursue that goal.”

The Cooper Union has owned the land on which the Chrysler Building was built since 1902 and uses the asset as a permanent source of financial support for the school’s mission. This long-term ground lease to Tishman Speyer comes as the college is in the midst of a bold plan to restore full-tuition scholarships for all undergraduates.