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New York

Chrysler Building for sale

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The Chrysler Building could reportedly be sold to an Abu Dhabi sovereign wealth fund. The Abu Dhabi Investment Council is in talks over an $800 million deal for a 75 per cent stake in the art deco landmark, built in 1930. TMW, the German arm of an Atlanta- based investment fund, would cash out its stake. Tishman Speyer Properties owns a 25 percent stake in the tower at 405 Lexington Avenue and operates the building. Tishman Speyer could be left in charge of the building, with the Abu Dhabi fund acting as a silent partner. The tower is on ground owned by Cooper Union. Tishman Speyer recently got a 150-year extension of the ground lease.