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Tishman Speyer Signs 150-Year Chrysler Building Ground Lease

By Drooid · Oct 7, 2026, 6:36 PM UTC · How we work

Summary

Story summary

Tishman Speyer signed a 150-year ground lease for New York’s Chrysler Building.
The firm pledged $235 million for upgrades and will pay ground-lease rent to Cooper Union.
Lease payments are intended to restore Cooper Union’s full-tuition scholarships by 2028-2029.
About 14 % of the tower was vacant in February, the strongest Manhattan office market since 2000.
The 61st-floor eagle-gargoyle area will become an indoor-outdoor lounge with food.

History

Historical Context

Peter Cooper opened Cooper Union in 1859 as a free school, later endowing it with a $600 million trust that owns the Chrysler Building’s land. After tuition began in 2014, a 2006 lease with Tishman Speyer—raising rent to $32.5 million by 2018—provides revenue to restore full scholarships, a goal slated for 2029.

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Story summary

Tishman Speyer signed a 150-year ground lease for New York’s Chrysler Building.
The firm pledged $235 million for upgrades and will pay ground-lease rent to Cooper Union.
Lease payments are intended to restore Cooper Union’s full-tuition scholarships by 2028-2029.
About 14 % of the tower was vacant in February, the strongest Manhattan office market since 2000.
The 61st-floor eagle-gargoyle area will become an indoor-outdoor lounge with food.

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