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Iconic Chrysler Building Goes on the Market

The iconic Chrysler Building, the world’s tallest building for 11 months in 1930, is up for sale. A CBRE spokesman confirms published reports that the Abu Dhabi Investment Council (ADIC) and minority owner Tishman Speyer have hired the firm to market the Art Deco tower.

ADIC acquired its 90% stake for $800 million in 2008, just before the global financial crisis. Although estimates of the property’s value vary widely, the Wall Street Journal reported that ownership may struggle to recoup ADIC’s investment.

Competition from newer office properties is one factor, the WSJ reported. Another is the fact that Manhattan’s investment sales market has cooled from its 2016 peak.

However, recent stock market turmoil could move investors back to the haven of trophy properties in gateway markets, Real Capital Analytics’ Jim Costello told the WSJ. “In Manhattan you know what you’re getting, and there’s a certain amount of safety,” he said.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition