
Tishman Speyer Signs 150-Year Chrysler Building Lease With $235 Million Restoration Plan
Tishman Speyer has signed a 150-year ground lease for the Chrysler Building with The Cooper Union and will invest $235 million to restore the 77-story Art Deco tower at 405 Lexington Avenue. Under the deal, announced October 7, 2026, the building will be repositioned as a boutique office property, and the lease payments will support Cooper Union’s plan to restore free tuition. Key Takeaways The 150-year ground lease includes a $235 million investment plus ongoing ground lease payments to Cooper Union, which has owned the land under the tower since 1902. Canada’s Public Sector Pension Investment Board (PSP Investments) is the lead investor in a group of institutional partners, and the deal is financed entirely with equity. The 61st floor, where the tower’s eagle gargoyles sit, will become an indoor-outdoor tenant lounge with food and beverage service. Tishman Speyer will prebuild 75 percent of current and upcoming vacant space as move-in-ready suites. The plan restores the facade,



































