Tishman Speyer puts tower next to Chrysler Building up for sale

Office building at 666 Third Avenue spans 767K sf

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

arrow_forward_ios
Jake’s 58 (Google Maps, iStock)
Suffolk OTB to acquire Jake’s 58 in $120M deal
Suffolk OTB to acquire Jake’s 58 in $120M deal
4 Park Avenue (Feil Organization)
With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
With 30K-sf lease, SUNY Empire shrinks Manhattan footprint
604 Fifth Avenue and Minamoto Kitchoan president Kemmei Okada (Photos via Google Maps, Minamoto Kitchoan)
Fifth Avenue’s Childs Building sells for $45M
Fifth Avenue’s Childs Building sells for $45M
(Getty)
Different state, same problem: Office availbility soars in NJ
Different state, same problem: Office availbility soars in NJ
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
Photo illustration of Brookfield Property Partners’ Brian Kingston (Brookfield, iStock)
Struggling hotel company handing Brookfield the keys
Struggling hotel company handing Brookfield the keys
G&M Realty's David Wolkoff (Getty, 5Pointz LIC)
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
General Assembly's CEO Lisa Lewin (General Assembly)
General Assembly renews 40K sf lease in Flatiron District
General Assembly renews 40K sf lease in Flatiron District
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...