Tishman Speyer signs 150-year Chrysler Building ground lease

Tishman Speyer signed a 150-year ground lease with Cooper Union for the Chrysler Building in a reported $235 million deal. The firm plans to renovate the tower and convert 75% of its currently and soon-to-be vacant space into prebuilt office suites; the Public Sector Pension Investment Board is also backing the effort.

Why it matters. The lease changes stewardship of a major Manhattan office landmark and links its planned repositioning to Cooper Union’s financial plans.