Abu Dhabi fund closes on Chrysler Building

An Abu Dhabi sovereign wealth fund has closed on its purchase of the 77-story Chrysler Building. Abu Dhabi Investment Council bought a majority stake in the iconic tower from a fund managed by Prudential Financial, reportedly for about $800 million. The seller is TMW Real Estate Group, an Atlanta-based investment company acquired by Prudential. TMW bought its stake in the Chrysler Building for $300 million in 2001. Last year, Prudential sold 666 Fifth Avenue for $1.8 billion and the Lipstick Building for $649 million.

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