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Tishman Speyer Signs $225M Lease for Chrysler Building

By Drooid · Oct 23, 2026, 11:11 PM UTC · How we work

Summary

Tishman Speyer Signs Lease

Tishman Speyer signed a $225 million ground lease for New York’s Chrysler Building.
The 150-year lease is backed by Canada’s Public Sector Pension Investment Board.
Tishman Speyer will invest $235 million to restore the façade, crown and add a 61st-floor lounge.
Cooper Union will use lease proceeds to sustain full-tuition scholarships for all undergraduates.
Engineers warn water infiltration can rust steel behind brick, expanding and cracking historic masonry.

Summary

Bouwinvest Launches SMA

Bouwinvest Real Estate Investors and Tishman Speyer co-launched a separately managed account to acquire U.S. office assets.
Robert Wagenaar said the SMA pursues a ‘brown-to-green’ strategy by retrofitting buildings for sustainability.
Jasper Petit noted global real-estate repricing creates buying opportunities, marking a new investment cycle.
The SMA sits alongside Tishman Speyer’s $700 million equity club, which can fund roughly $1.5 billion of acquisitions.

History

Historical Context

In 1978, New York City’s Landmarks Preservation Commission designated the Chrysler Building a protected landmark, securing its Art Deco façade for future generations. Today, Tishman Speyer secured a $225 million, 150-year ground lease backed by Canada’s Public Sector Pension Investment Board, pledging $235 million for façade restoration. Simultaneously, Bouwinvest and Tishman Speyer launched a separately managed account, echoing the 1970s preservation-finance model by pairing historic retrofits with green investment goals. These combined $700 million equity funds and $1.5 billion acquisition capacity signal a new cycle where large capital pools preserve iconic structures while meeting sustainability mandates.

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Tishman Speyer Signs Lease

Tishman Speyer signed a $225 million ground lease for New York’s Chrysler Building.
The 150-year lease is backed by Canada’s Public Sector Pension Investment Board.
Tishman Speyer will invest $235 million to restore the façade, crown and add a 61st-floor lounge.
Cooper Union will use lease proceeds to sustain full-tuition scholarships for all undergraduates.
Engineers warn water infiltration can rust steel behind brick, expanding and cracking historic masonry.

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