Abu Dhabi purchases iconic New York skyscraper

by Claire Ferris-Lay Wednesday, 09 July 2008

The Abu Dhabi Investment Council completed its acquisition of a majority stake in the landmark New York skyscraper, the Chrysler Building, newswire Bloomberg reported on Wednesday.

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The sovereign wealth fund purchased the 75% stake from a fund managed by Prudential Financial for an undisclosed sum.
Tishman Speyer Properties owns a minority stake in the Art Deco tower.

The sale is the second this year of a high-profile Manhattan property to a group that includes Middle Eastern investors.

Boston Properties, Goldman Sachs Group and investment fund Meraas Capital of Dubai paid $2.8 billion last month for the General Motors Building on Fifth Avenue, a record for a US office tower.

The Abu Dhabi fund was to pay about $800 million, a person familiar with the transaction said on June 11, Bloomberg said.



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