Abu Dhabi Investment Council and its minority partner Tishman Speyer have secured a $300 million refinance for the famed Chrysler Building. The National Bank of Abu Dhabi provided the funding which will replace a $420 million loan from Commerzbank, a successor to Eurohypo AG bank, which issued the loan in 2008. Tishman Speyer and a group of German investors sold a 90 percent stake in the building to the Abu Dhabi Investment Council for $800 million in 2008. Tishman Speyer continues to manage the asset. The Art Deco-style skyscraper is located on the East Side of Midtown Manhattan at the intersection of 42nd Street and Lexington Avenue in the Turtle Bay neighborhood. At 1,046 feet (318.9 m), the structure was the world’s tallest building for 11 months before it was surpassed by the Empire State Building in 1931. The building has 1.2 million sqf in rentable space and served as the headquarters of the Chrysler Corporation from 1930 until the mid-1950s.
