Tishman Speyer and Cooper Union Finalize 150-Year Ground Lease for Chrysler Building Revitalization
A 150-year ground lease and revitalization initiative for the Chrysler Building in New York City has been announced by Tishman Speyer in collaboration with The Cooper Union for the Advancement of Science and Art. This project involves an investment of $235 million along with annual lease payments. Tishman Speyer, partnering with PSP Investments, will undertake restoration efforts that include polishing the facade and transforming 75% of the interiors into upscale office spaces. An amenity area featuring a lounge and terraces will be located on the 61st floor. After receiving complaints about deteriorating conditions in 2024, Cooper Union, which has owned the land since 1902, sought a new tenant. The agreement aligns with the Plan to Return to Full-Tuition Scholarships, but a timeline for the revitalization remains unspecified.
Key facts
- Tishman Speyer and The Cooper Union announced a new ground lease and revitalization plan for the Chrysler Building in New York City.
- The 150-year ground lease includes a $235 million investment and annual lease payments to The Cooper Union.
- PSP Investments and other institutional partners join Tishman Speyer in the endeavor.
- The revitalization includes facade restoration, polishing the crown, and redesigning at least 75 percent of interiors into high-end offices.
- The 61st floor, featuring gargoyle ornamentation, will become an amenity space with a lounge, wellness elements, and terraces.
- Cooper Union has owned the land since 1902, a gift from Peter Cooper’s children.
- The previous ground lease ended in 2024 after complaints about the building’s condition.
- Tishman Speyer previously bought and renovated the building in the late 1990s and sold the majority of its investment in 2008.
- The Chrysler Building was designed by William Van Alen for the Chrysler Corporation in the late 1920s.
- Michael Young, new dean of the Irwin S. Chanin School of Architecture, led a 2025 option studio on the interior renovation.
- A timeline for the revitalization plan has not been released.
Entities
Artists
- William Van Alen
- Peter Cooper
- Steven W. McLaughlin
- Michael Young
- Angelis Heredia
- Natalia Naugle
- Yudi Luo
- Steven W McLaughlin
- Frank Lloyd Wright
- Rob Speyer
Institutions
- Tishman Speyer
- The Cooper Union for the Advancement of Science and Art
- PSP Investments
- Chrysler Corporation
- Irwin S. Chanin School of Architecture
- Cooper Union
- Cooper Union for the Advancement of Science and Art
- New York Times
- Dezeen
Locations
- New York City
- United States
- New York