Tishman Speyer In Talks to Buy Chrysler Building, Again
The firm, which bought the landmarked Art Deco skyscraper in 1997, sold its remaining stake in the building in 2019. It’s reportedly looking to seal a deal with Cooper Union to acquire ownership again.
| 13 Feb 2026 | 05:40
Tishman Speyer is reportedly in talks to re-buy the Chrysler Building, which they first bought in 1997. (
)
As of now, Tishman Speyer would owe a hefty amount of rent to Cooper Union, which evicted the building’s last owner—RHR Holdings—over falling intro arrears. (
)
Tishman Speyer is looking to repurchase the Chrysler Building, which they previously owned for a number of years beginning in the 1990s.
They’re currently “in advanced talks” on such a a deal, as first reported on by Crain’s New York Business. The firm is led by Rob Speyer, who also serves as co-Chairman of the Partnership for New York City, the powerful business lobbying association.
Tishman Speyer is also reportedly hoping to renegotiate a projected annual rent bill of $41 million, which they would pay to Cooper Union, who owns the underlying land at E. 42nd St. and Lexington Ave.
Indeed, as reported on by Our Town, Cooper Union has been looking for a prospective buyer ever since they evicted RHR Holding—the previous owners of the Chrysler—from the premises last year.
They had to win a court case allowing them to do so, after RHR failed to pay the high rent demanded of them, which was slated to be $32.5 million in 2025. RHR already owed $21 million by the time Cooper Union first filed an eviction notice in September 2024.
Cooper Union is seeking such lofty compensation to help cover the longstanding costs associated with the building out of their Astor Place college campus, which centered around a $175 million loan that went towards erecting a new building at 41 Cooper Square.
The once-free college also began charging tuition by 2014, although its new financial model is still centered around defraying tuition costs for many undergrads, as well as providing substantial grants for low-income students. Therefore, the college says that it requires such hefty rental income from any Chrysler Building owner to help cover these expenses.
Either way, Tishman Speyer already has a fair amount of experience when it comes to overseeing the landmark building, which it bought in 1997 for around $220 million. They eventually sold 90 percent their stake to other entities, with Crain’s noting that one such 2008 deal valued the Chrysler at a substantial $800 million.
Tishman Speyer sold its remaining stake to RHR and Signa Holding in 2019. While RHR faced the aforementioned eviction, Signa Holding went bankrupt in 2023.
It appears that Tishman Speyer has edged out other contenders for a prospective purchase, with the real estate giant SL Green expressing interest at one point, the blog The Real Deal points out. Another developer, Savana, also reportedly considered pursuing a purchase at one point.
The Chrysler Building, which was completed in 1930, is in fairly dilapidated shape. CoStar notes that it has a 14 percent vacancy rate, which is rather high compared to competitors such as the Empire State Building, and has reportedly had issues with rodent infestations and elevator service.
Yet the famed Art Deco building still boasts its storied history. Commissioned by then-Chrysler Corporation head Walter Chrysler, the skyscraper stood as the world’s tallest tower—at 1,000 ft.—when it was first completed. It remains the 13th tallest building in New York City, tied with the New York Times building on 8th Ave. and W. 41st St., and has been a registered landmark since the 1970s.