The real estate developer Tishman Speyer has signed a long-term lease agreement with Cooper Union to take over the management of the iconic Chrysler Building, one of the most recognizable skyscrapers in the New York skyline. The agreement includes a commitment to allocate 235 million dollars (about 210 million euros) for the comprehensive rehabilitation of this historic office tower in the Big Apple.
The company will be responsible for updating and reconfiguring the currently vacant office spaces, in a context where most high-end towers register high occupancy and hardly any new corporate-use properties have been built in the area in recent decades.
The goal of the investment is to reposition the Chrysler Tower as the most unique 'boutique' office building in Manhattan, combining one of the "most iconic addresses in the world" with a work environment tailored to the needs of current users. The property, located at 405 Lexington Avenue, has 77 floors.
As part of the renovation plan, the developer plans to condition 75% of the spaces so that they are completely designed and ready for occupancy, facilitating that tenants can move in quickly and "show the market what it will be like to work in the Chrysler Building, built with the future in mind and that will again be a dynamic and market-leading workspace."
The transformation will also include the restoration of the original facade of the skyscraper and the polishing and tuning of its characteristic cornice. Inside, Tishman Speyer will modernize the mechanical, elevator, electrical, and HVAC systems, as well as improve the cooling towers to increase the energy efficiency of the whole.
Additionally, the company will reserve the 61st floor, famous for its large eagle-shaped gargoyles inspired by the ornament of the 1929 Plymouth hood, for a program of services both indoors and outdoors.
This level will include a high-end lounge with outdoor access that will offer panoramic views, a varied culinary proposal, and a specific area for meetings. A second package of services, with a gym, wellness spaces, and additional meeting rooms, will be set up in the underground gallery of the Chrysler Building.
The Chrysler Building is a symbol of popular culture and has appeared in numerous film productions, including 'The Avengers', 'Spiderman', 'Men in Black 3' and 'The Wiz'. For New Yorkers and for those visiting the city, the building represents "ambition, optimism, and innovation".
"We are driving an ambitious plan for the Chrysler Building at a historically strong moment for the Manhattan office market. We are excited to lead the next stage of this iconic building. Just as we have done with new projects like The Spiral and our ongoing reinvention of Rockefeller Center, we will create an environment that will make our clients feel proud and excited to work here every day," indicated the CEO of Tishman Speyer, Rob Speyer.