Business | Investment

Abu Dhabi 'eyes Chrysler Building'

Council's plan for New York's iconic tower follows last month's deal for GM Building.

  • Reuters
  • Published: 00:03 June 12, 2008
  • Gulf News

  • The Abu Dhabi Investment Council is negotiating to buy a 75 per cent stake in New York City's landmark Chrysler Building for $800 million, the New York Post reported on Wednesday.
  • Image Credit: Bloomberg News

New York: The Abu Dhabi Investment Council is negotiating to buy a 75 per cent stake in New York City's landmark Chrysler Building for $800 million, the New York Post reported on Wednesday.

The paper cited sources as saying the assets would be purchased from TMW, the German arm of an Atlanta-based investment fund.

Sources told the Post that the Abu Dhabi Investment Council would also get part of the skyscraper's Trylons retail space next door and that Tishman Speyer would remain in charge of the building, with the Abu Dhabi fund essentially acting as a silent partner.

The agreement would follow last month's deal in which a group led by Boston Properties Inc would buy the GM Building and three others from Macklowe Properties for $3.45 billion. The Post said investors in that deal included the wealth funds of Kuwait and Qatar.

The Chrysler Building remains the world's tallest brick building. After the destruction of the World Trade Centre, it was again the second-tallest building in New York City until December 2007, when the spire was raised on the 365.8-metre Bank of America building, pushing the Chrysler Building into third position.

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