American Landmarks Being Sold to Foreigners?
The Chrysler building was briefly (in 1930) the tallest building in the world before the Empire State building was completed a year later. it served for a time as the New York offices of the car company and remains an Art Deco icon in the city, and the world for that matter. It’s certainly more attractive than most of the vehicles bearing the same name today. The Abu Dhabi Investment Council is reportedly looking at buying a 75% stake in the tower for $800 million. The share of the building is currently owned by Atlanta-based investment fund TMW. The other 25 percent of the building is owned by Tishman Speyer Properties. Back in the wake of the Daimler Chrysler merger, Jurgen Schrempp talked of renovating the long unused upper floors of the building for use as a world headquarters office space, but its unknown if the renovations ever happened. It certainly didn’t serve as a home to DCX.
Tags: commercial real estate, foreign relations, real estate investment