Tishman Speyer puts tower next to Chrysler Building up for sale

Office building at 666 Third Avenue spans 767K sf

TRD New York /
May.May 21, 2019 05:15 PM
666 Third Avenue and Tishman Speyer CEO Rob Speyer (Credit: Google Maps)

666 Third Avenue and Tishman Speyer CEO Rob Speyer (Credit: Google Maps)

Fresh off the sale of the Chrysler Building, Tishman Speyer is putting an adjacent tower on the market.

A partnership between Tishman and a pair of sovereign wealth funds is looking to sell 666 Third Avenue, a 32-story office building spanning 767,000 square feet, according to sources familiar with the deal. The property is located right next to the Chrysler Building and is also known as Chrysler East.

A Cushman & Wakefield team led by Adam Spies and Doug Harmon is marketing the building and expects to receive bids of about $700 per square foot, or roughly $540 million.

Real Estate Alert first reported the news.

The building is 98 percent occupied, and tenants include First American Title Insurance, APG and the law firm Mintz Levin. Tishman paid $225 million in 1997 for both Chrysler East and the Chrysler Building, according to REA.

The Chrysler Building itself recently sold for $151 million to Aby Rosen’s RFR Realty and Sigma Holding GmbH, a massive price cut from the $800 million Abu Dhabi’s Mubadala Investment Company paid Tishman Speyer for a 90 percent stake in the building a decade ago.

Related Articles

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

50 Rockefeller Plaza and Katten's Chris DiAngelo (Credit: Google and Katten)

Katten law firm moving to Rockefeller Center

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Clockwise from the top left: Jackson Park at 28-40 Jackson Avenue, 240 Willoughby Street in Fort Greene, 664 Pacific Street in Brooklyn, and 247 Metropolitan Avenue in Williamsburg (Credit: StreetEasy, Google Maps, Pacific Park Brooklyn, The Pod Hotel)

These were the top 10 outer-borough loans last month

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park