Abu Dhabi to Buy NY's Chrysler Building: NY Post

The Abu Dhabi Investment Council is negotiating to buy a 75 percent stake in New York City's landmark Chrysler Building for $800 million, the New York Post reported on Wednesday.

The paper cited sources as saying the assets would be purchased from TMW, the German arm of an Atlanta-based investment fund.

Sources told the Post that the Abu Dhabi Investment Council would also get part of the skyscraper's Trylons retail space next door and that Tishman Speyer would remain in charge of the building, with the Abu Dhabi fund essentially acting as a silent partner.

The agreement would follow last month's deal in which a group led by Boston Properties would buy the GM Building and three others from Macklowe Properties for $3.45 billion.

The Post said investors in that deal included the wealth funds of Kuwait and Qatar.

Contact Real Estate


    Get the best of CNBC in your inbox

    › Learn More
  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

Latest Special Reports

  • With the world becoming more interconnected, it’s getting harder to anticipate and manage global risks. We take a look at some of the biggest risks and ways to mitigate them.

  • From family-run companies to public companies with family ownership, we tackle challenges and rewards facing family businesses.

  • Inside the market's biggest sectors with a look at the trends, companies and trades netting profits for investors.