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Wednesday, June 11, 2008
Report: Chrysler Building for Sale
FOXBusiness
If you've got more than $800 million to spare and really like the Chrysler Building, you may be in luck.
The iconic Midtown Manhattan skyscraper is on the block but an Abu Dhabi sovereign wealth fund is in talks to buy a majority stake in the building, according to a published report.
TMW, the German arm of an Atlanta-based investment fund, is in talks to sell its 75% stake in the Chrysler Building for $800 million, the New York Post reported on Wednesday.
The proposed deal would reportedly give Tishman Speyer Properties, which owns the remaining 25% of the building, operating control over the Chrysler Building while the Abu Dhabi fund would act as a silent partner. Also, the sovereign wealth fund would gain control of the nearby Trylons retail assets, the newspaper reported.
Just last month another landmark Manhattan skyscraper, the GM building, was sold along with three other properties to Boston Properties (BXP) for $3.95 billion. According to published reports, the wealth funds of Kuwait and Qatar were partners in the deal.
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