Tishman Speyer owned the Chrysler Building from 1997 to 2019. In April 2026 it started negotiating its way back in.
Cooper Union, which owns the land under 405 Lexington Avenue and won back control after a legal fight with RFR Holding, entered exclusive negotiations for a ground lease of more than 100 years. Ground rent to Cooper Union is set to reach $41 million within two years. Neither party has disclosed a price for the current transaction.
Project Scope
Restoration and repositioning work has been running in phases independent of the ownership question. Scope covers lobby and mechanical upgrades, office workstation and HVAC modernization, elevator modernization running through 2026 and 2027, and a 2026 phase focused on public exhibits and life-safety improvements. Hoffmann Architects and Engineers has handled facade work, including masonry tuckpointing and sealing at the crown.
Ground-floor retail is being repositioned separately. The first new tenant is the UK coffee chain WatchHouse, taking roughly 2,000 square feet.
Why It Matters
William Van Alen’s 1930 tower has an envelope problem that no amount of leasing solves. The stainless-steel crown and the setback masonry above the 60th floor are difficult and expensive to reach, and the building is 96 years old on an original structural frame.
That’s what makes the ground-lease term the real story. A hundred-year lease at $41 million a year is the only structure that lets a leaseholder underwrite capital work on a landmark this old, because the payback on a crown restoration doesn’t fit inside a normal hold period.
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Project Team & Details
| Developer | Tishman Speyer |
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| Owner / Client | The Cooper Union for the Advancement of Science and Art |
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| Architect | William Van Alen (original, 1930) |
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| Consultants | Hoffmann Architects + Engineers (Facade and Structural Restoration) |
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| Status | Under Construction |
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| Funding Source | Private |
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