Sign of the Times? NYC's Chrysler Building Being Bought by Abu Dhabi

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Thread: Sign of the Times? NYC's Chrysler Building Being Bought by Abu Dhabi

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    VIP Member Array JonInNY's Avatar
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    Sign of the Times? NYC's Chrysler Building Being Bought by Abu Dhabi

    CHRYSLER BUILDING ON THE BLOCK - New York Post



    June 11, 2008 --

    The latest Big Apple trophy being coveted by oil-rich sovereign wealth funds is the landmark Chrysler Building.

    Sources say the super-rich Abu Dhabi Investment Council is negotiating an $800 million deal for a 75 percent stake in the Art Deco treasure that has defined the Midtown skyline since 1930.

    The Chrysler assets would be purchased from TMW - the German arm of an Atlanta-based investment fund that's been eager to cash out of its Chrysler stake.

    The deal follows last month's sale of the GM Building and three other Macklowe/Equity Portfolio properties for $3.95 billion to a group of investors including the wealth funds of Kuwait and Qatar and Boston Properties.

    As part of the Chrysler deal, sources said the Abu Dhabi Investment Council would also get part of the skyscraper's signature Trylons retail prize next door.

    Tishman Speyer Properties owns the remaining 25 percent stake in the Chrysler Building and operates the landmark at 405 Lexington Ave., along with the Trylons and the newer next door neighbor at 666 Third Ave.

    The Trylons space also involves retail portion, which includes the Capital Grille steakhouse and a Citibank branch.

    The buildings sit on land owned by Cooper Union, which leased it in a long-term arrangement to others and uses the payments to support tuition for its students.

    Recently Tishman Speyer obtained a 150-year extension of the ground lease.

    Sources say the deal would leave Tishman Speyer in charge of the building, with the Abu Dhabi fund essentially acting as a silent partner.

    Abu Dhabi has also partnered with Tishman Speyer in other deals around the world, sources said. Since TMW and Tishman Speyer sold 666 Fifth Ave. to Kushner Companies for $1.8 billion last year, the Atlanta group began informing the real estate community that it was ready to cash out in the landmark Chrysler Center, as well.

    None of the principals involved in the deal had any comment.

    Boston Properties closed on its purchase of the GM Building on Monday with investment partners Kuwait and Qatar, and will complete the purchase of three other former Macklowe properties over the next few months.

    Developer Harry Macklowe was forced to sell the assets after taking a personal loan on the GM Building and other family assets to raise nearly $7 billion to buy a city package of former Equity Office buildings.

    The credit markets tanked right after completing that deal in July and Macklowe was unable to refinance the short-term debt causing him to sell the four buildings to Boston Properties and return the Equity portfolio to lender Deutsche Bank.
    "Democracy is two wolves and a lamb voting on what to have for lunch; Liberty is a well-armed lamb contesting the vote."
    -- Benjamin Franklin

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    Interesting post. My dad (who would be 106 if he were alive) was probably a young man when that was being built, and worked nearby. For reasons unknown, he had lifelong nightmares that "the Chrysler building was falling down."

    I don't think he would ever have thought those dreams were a prescient if not allegorical forecast of this nation's economic state. I'm starting to wonder. :-

    Seriously, as long as money can freely flow across borders, these things are going to happen. I don't have a strong conviction on whether or not this is a good or bad thing. It could just mean that others think we are still a good place to invest and therefore some of the money which routinely flows out of the US is coming back in.

    Were this building a strategic resource, e.g., a railroad, I'd have grave concerns about foreign ownership.

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    VIP Member Array dukalmighty's Avatar
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    Why invade the U.S. when you can just buy it piece by piece
    "Outside of the killings, Washington has one of the lowest crime rates in the country,"
    --Mayor Marion Barry, Washington , DC .

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    VIP Member Array Ridgeline's Avatar
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    If we don't stop this sort of thing, "they" will own more of America then we do. And by the way CONGRESS ... "get off you gas and drill now". As Chuck Norris has said.
    "Eternity is Too Long to be Wrong"

    Texas CHL Instructor & Holder & Utah CFP Instructor
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    Christian, Heterosexual, Pro-2A, Pro-Life, Conservative, Common Sense American

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    Relax people, they said the same thing about the Japanese when they had their shopping spree and we are still here.
    You have to make the shot when fire is smoking, people are screaming, dogs are barking, kids are crying and sirens are coming.
    Randy Cain.

    Ego will kill you. Leave it at home.
    Signed: Me!

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    VIP Member Array deadeye72's Avatar
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    Quote Originally Posted by Miggy View Post
    Relax people, they said the same thing about the Japanese when they had their shopping spree and we are still here.
    Yes, but Japan is not a breeding ground for terrorists. These people are making tons of money off of oil profits and buying everything in the U.S. that they can get their hands on.
    Glock 27
    BENELLI NOVA

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