U.S. Architectural Jewel Sold To Abu Dhabi

Chrysler Building, A Fixture Of NYC Skyline, Bought By Abu Dhabi Investment Fund

(AP)  An Abu Dhabi investment fund has bought a 75 percent stake in the Chrysler Building, one of the best-known landmarks on the city skyline.

The Abu Dhabi Investment Council, one of the world's largest sovereign wealth funds, closed the sale with Prudential Financial Inc. on Tuesday, Prudential spokeswoman Theresa Miller said Wednesday.

Miller wouldn't disclose the sale price, which many published reports placed at $800 million. Prudential held its stake in the building on behalf of a fund of primarily German investors that had closed in the past couple of years, she said.

A telephone message left Wednesday at the Abu Dhabi council wasn't immediately returned.

New York's Tishman Speyer Properties, which owns the remaining stake in the 77-story, Art Deco skyscraper and will continue to manage it, declined comment Wednesday.

Middle Eastern investors have jumped into the city's slow commercial real estate market twice in the past two months to buy big stakes in landmark skyscrapers. A Dubai-based private equity firm helped finance developer Boston Properties' $2.8 billion purchase in May of the General Motors Building and three other office towers.

The 1,046-foot Chrysler Building briefly became the world's tallest tower when it opened in 1930, until the Empire State Building topped it by over 300 feet when it was completed a year later.

New York City architect William Van Alen designed the brick office tower with its iconic, crescent-shaped spire for the automaker Chrysler Corp., decorating lower setbacks with sculptures modeled after Chrysler radiator caps and wheels. It is the city's third-tallest skyscraper.

Prudential, based in Newark, N.J., took on ownership of the tower when it acquired Atlanta-based TMW Real Estate Group in 2002. The company had bought its stake in the tower for about $300 million a year earlier.

[thgdriver]

I don''t give a rats patoot who own it or any other building. How much you pay for office space is governed by location, location, location.

The Chrysler family sold it long ago.

We should hope they buy up some urban slums and fix them up too, the big city''s don''t or won''t do it so why not?

[demwatcher]

Not suprising with (D) Spitzer as the Governor of New York.

He had the power to stop it, yet did NOTHING.

Hail to the Liberals, Foresakers of America.

[stevex47]

Whats the name of that family in saudi arabia the Boosh''s have made billions with? hmmmm.....

[fstop100]

One small step for man.....oh that was before.

[cdfoxtrot1]

In 50 years everything major building and major landmark in America will belong to someone from a foreign. I don''''t know why we are constanly trying to defend a country that we''''ve been selling bit by bit every year.

Posted by detta269

Why does it matter who owns it? Would you be so upset if it were a Brit?

[cdfoxtrot1]

I can just see the neocons. getting yellow cake all over their pants with this one.

[loneeagle57]

In 50 years everything major building and major landmark in America will belong to someone from a foreign. I don''''t know why we are constanly trying to defend a country that we''''ve been selling bit by bit every year.

Posted by detta269 at 04:03 PM : Jul 10, 2008
_____________________
and soon everything will be marked "made in china" oh wait...

[colorguru-2009]

So does that make it a safer place to live now?

[detta269]

In 50 years everything major building and major landmark in America will belong to someone from a foreign. I don''t know why we are constanly trying to defend a country that we''ve been selling bit by bit every year.

[dvldog5]

Bad thing is, we americans have been doing this to other countries for many decades, now that uncle bush has made us look bad to the eyes of the world and taken us almost,if not,into a depression,they are getting even

[kuei12]

"What the world is coming to!!!!"


The world is coming to america for the great flea market.

[jtdev1]

There is another piece of property for sale:

1600 Pennsylvania Ave.
Washington, DC

(and the people in it have been for sale for a long time now)

[kuei12]

Why didn''t they just buy the Statue of Liberty, or the White House? Oh that''s right, Saudi Arabia already bought the White House.

[lochlan-2009]

"Miller wouldn''t disclose the sale price, which many published reports placed at $800 million"

Didn''t Larry Silverstein get $7billion from the insurance company for the WTC. Only cost him $15million down (on a 100 year lease) to get that $7,000million a few months later, after he specifically requested protection from terrorists flying airplanes into the building.

[dchu76]

What a vicious cycle, Americans give gas profits to Foriegners, Gas price increase, costing more to spend in america, devaluing the dollar, thus making it cheaper for foriegners to buy american stuff.

[candojj]

Viva la Vida!

[trakkerorl]

You were right. This is Capitalism at its finest. No loyalty to their Country; the only thing that matters is profit. Since the Arabs now have a significant amount of wealth and eager to invest it, American companies and entrepreneurs are pleased as punch to sell out the assets of the Country, for as little as 30 pieces of silver.

[docpeter-2009]

think we can get the people with offices there to move out and leave the building empty?

May be possible with the cost of gas. No one can afford to go downtown to work anymore.

[yongamerica]

The Bush and Cheney''s oil policies have sold out the American public to oil producing countries and oil companies. Now the Bush and Cheney''s economical policies have sold out American landmarks and large corporations to foreign investors.
BOHICA!

[buttonjockey]

Well, if the Bush Administration couldn''''t sell out US
Ports, this was the next best thing! Selling the US
piece by piece.

Yep. Most of our mining claims are already foreign owned. Many of our water rights as well. This country is being sold out from under us. Will we be asked to leave one day?