Tishman Speyer in Agreement to Acquire Long-Term Lease on Chrysler Building

Nov 24, 1997, 00:00 ET from Tishman Speyer Properties

    NEW YORK, Nov. 24 /PRNewswire/ -- The Cooper Union for the Advancement of
 Science and Art and Tishman Speyer Properties today announced that they have
 reached an agreement which will provide Tishman Speyer with the exclusive
 right to acquire a future, long-term leasehold estate of the land under the
 Chrysler Building.  In addition, Tishman Speyer has entered into an agreement
 to purchase the notes and mortgage related to the Chrysler Building, the
 adjacent Kent Building and the related retail buildings from The Fuji Bank,
     Cooper Union is a private college in New York City that owns the land
 beneath the Chrysler Building.  The investment and development activity will
 be acquired through the joint real estate venture that Tishman Speyer recently
 formed with The Travelers Insurance Company.
     John Jay Iselin, President of The Cooper Union, said, "We are delighted to
 have entered into this agreement with Tishman Speyer, and we share its
 affection for the Chrysler Building.  Tishman Speyer has assured Cooper Union
 that it will continue the tradition of maintaining a mutually beneficial
 relationship with the college."
     Jerry I. Speyer, President of Tishman Speyer Properties, said, "We are
 delighted to have been the successful bidder for Fuji's note and mortgage
 interest with respect to the Chrysler Building.  We plan to work with the
 owners to restore the Chrysler Building to its original splendor as a
 world-class office location."
     The Chrysler Building, located at 42nd Street and Lexington Avenue, is a
 77-story Art Deco skyscraper built in 1930.  Together, the Chrysler Building
 and Kent Building, which is located at 666 Third Avenue, contain approximately
 1.7 million square feet of space.
     Tishman Speyer Properties is one of the oldest and largest real estate
 organizations in the U.S. and has developed or acquired properties valued at
 approximately $6 billion.  In addition to its headquarters in New York City,
 Tishman Speyer maintains U.S. branch offices in Chicago, San Francisco, Miami,
 Stamford and Houston and international offices in London Frankfurt, Berlin and
 Sao Paulo.

SOURCE Tishman Speyer Properties