The Real Deal New York

Chrysler Building’s owners lock down
$300M refi

National Bank of Abu Dhabi is the lender
By Miriam Hall | March 23, 2017 06:32PM

Chrysler Building (Credit: Tishman Speyer)

UPDATED: Thursday, March 23 at 9:36 p.m: The owners of the famed Chrysler Building pulled off $300 million to refinance the property, according to records filed with the city Thursday.

The National Bank of Abu Dhabi is providing the financing for the building at 405 Lexington Avenue. The loan replaces a $420 million loan from Commerzbank, a successor to Eurohypo AG bank, which issued the loan in 2008, documents show.

Tishman Speyer TRData LogoTINY, led by Rob Speyer, and a group of German investors sold a 90 percent stake in the building to the Abu Dhabi Investment Council for $800 million in 2008. Tishman Speyer continues to manage the building, and the developer still has an ownership stake, sources said. Cooper Union owns the land of the leasehold property.

Michael Benner, a senior managing director and general counsel at Tishman Speyer, signed the documents on behalf of the sponsor.

The Chrysler Building is 1,046 feet tall and holds 1.2 million square feet in rentable space. Tenants include law firm Clyde & Co and investment company InterMedia Partners.

A representative for Tishman Speyer declined to comment. Representatives for the National Bank of Abu Dhabi could not be immediately reached for comment.

Correction: A prior version of this report incorrectly reported the square footage of the building — it is 1.2 million square feet of rentable space.