The Chrysler Building, an iconic Art Deco skyscraper in New York City, is set to undergo an extensive renovation following its acquisition by a U.S. real estate firm that also holds ownership of Rockefeller Center. Originally completed in 1930 as a symbol of architectural innovation and modernity, the building has experienced years of uncertainty regarding its ownership status.
Tishman Speyer, a commercial real estate company, along with other investors, announced plans to invest approximately $337 million to modernize both the interior and exterior of the 77-story landmark. The refurbishment aims to revitalize the building’s aging infrastructure while preserving its historic character.
As part of the new arrangement, Tishman Speyer and its partners will enter into a 150-year ground lease with Cooper Union, the New York-based college that owns the land beneath the Chrysler Building. This agreement includes ongoing rent payments for the use of the site.
Among the planned changes is the transformation of the 61st floor into a new dining space, featuring outdoor terraces that will offer expansive views of the city skyline. The renovation reflects a broader trend of updating historic office towers to meet contemporary commercial and hospitality demands while maintaining their architectural significance.