The first renderings have been revealed for the recently announced renovation of the Chrysler Building, the 77-story Art Deco icon at 405 Lexington Avenue in Midtown East, Manhattan. Led by Tishman Speyer, which just finalized a $235 million deal to acquire the skyscraper in a joint venture with The Cooper Union, the project will modernize at least 75 percent of the 1.3-million-square-foot structure’s work space and will restore its façade, including the world-famous crown and spire.
The following renderings preview the planned 61st-floor amenity lounge, which will provide access to terraces offering panoramic views of the skyline. The outdoor spaces will also afford tenants an up-close view of the building’s famous eagle sculptures modeled after the 1929 Plymouth hood ornament. A second amenity collection, featuring fitness, wellness, and meeting spaces, will be located in the underground arcade.
Additional upgrades will address the mechanical, elevator, electrical, and air handling systems, and will seek to improve the energy efficiency of the building’s cooling towers.
The building was designed by William Van Alen for automobile executive Walter P. Chrysler and opened in 1930. At 1,046 feet, it was the first supertall skyscraper and briefly held the title of world’s tallest structure until the completion of the Empire State Building 11 months later.
Tishman Speyer’s ownership in the Chrysler Building dates to the late 1990s, when it acquired the building along with Traveler’s Insurance Group for $220 million. By 2008, however, the company had sold off all but 10 percent of its stake, though it continued to manage the building. The Cooper Union has owned the land beneath the skyscraper since 1902.
Public Sector Pension Investment Board (PSP Investments) served as the lead investor for the recent transaction.
The property offers direct access to the 42nd Street–Grand Central Terminal subway station, servicing the 4, 5, 6, 7, and Shuttle trains.
A construction timeline and architect for the Chrysler Building’s renovations have yet to be announced.
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