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Report: Tishman Speyer JV seeks $540M sale of Chrysler East tower in NYC

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Report: Tishman Speyer JV seeks $540M sale of Chrysler East tower in NYC

A joint venture between Tishman Speyer Properties LP and a pair of sovereign wealth funds are considering a sale of the 32-story Chrysler East office building in Manhattan, N.Y., The Real Deal reported, citing sources familiar with the deal.

The Cushman & Wakefield team marketing the property expects bids of roughly $540 million, according to the report.

The expected sale price translates to about $700 per square foot for the 767,000-square-foot tower at 666 Third Ave., located next to the iconic Chrysler Building.

The asset is 98% leased to First American Title Insurance Co., APG and law firm Mintz Levin, among other tenants, according to the May 21 report.

Tishman spent a total of $225 million in 1997 to acquire Chrysler East and the Chrysler Building, and sold the latter to Austria-based Signa Holding GmbH and property developer RFR Realty in March for $151 million in partnership with Abu Dhabi Investment Council.