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, Limited. 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