Chrysler Building For Sale To Abu Dhabi Investment Company?
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A majority stake in the famous Chrysler Building in central Manhattan may be sold to the Abu Dhabi Investment Council. The 75% ownership of the company is being shopped by Prudential has value of 800 million dollars.
The rise of the petro-dollar states with 130 dollar a barrel of oil will continue to be felt across the different facets of the US economy. We all complain about the price of gas and the oil companies, but the reality is that high oil is transferring great wealth to oil rich companies.
The result is that more investments in United States real estate is going to continue from the oil states across the country.
Abu Dhabi Investment Council is in discussions with Prudential Real Estate Investors, a subsidiary of insurer Prudential Financial Inc., to pay $800 million for a 75% stake in the midtown Manhattan skyscraper, according to a person familiar with the matter.
The other 25% is owned by Tishman Speyer Properties, a privately held New York real-estate firm. Tishman Speyer will retain its stake and continue to lead the ownership team and manage the property.
Abu Dhabi’s price would value the building at about $1.06 billion, or $883 a square foot. It contains roughly 1.2 million square feet of office and retail space. The talks, which were reported in Wednesday’s New York Post, come at a time when institutional-grade investors are stepping forward to buy other trophy Manhattan office buildings.via WSJ.com.
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Comment by JBerg on 12 June 2008:
Somehow, I find this a little disturbing.
Pingback by Hitting the Links | Redfin Boston Sweet Digs on 12 June 2008:
[...] You can buy in to the Chrysler Building for only $800 million. [The Real Estate Bloggers] [...]
Comment by SaT on 9 July 2008:
This is a little disturbing. Don’t we need to be asking WHY the UAE would want to purchase something like this. What’s in it for them and how will we be effected by the new ownership?