Abu Dhabi to buy NY's Chrysler Building

State fund looking to buy 75% stake in landmark building from Atlanta fund.
Abu Dhabi to buy NY's Chrysler Building
By Christopher Kaufman
Wed 11 Jun 2008 03:06 PM

The Abu Dhabi Investment Council is negotiating to buy a 75 percent stake in New York City's landmark Chrysler Building for $800 million, the New York Post reported on Wednesday.

The paper cited sources as saying the assets would be purchased from TMW, the German arm of an Atlanta-based investment fund.

Sources told the Post that the Abu Dhabi Investment Council would also get part of the skyscraper's Trylons retail space next door and that Tishman Speyer would remain in charge of the building, with the Abu Dhabi fund essentially acting as a silent partner.

The agreement would follow last month's deal in which a group led by Boston Properties Inc would buy the GM Building and three others from Macklowe Properties for $3.45 billion.

The Post said investors in that deal included the wealth funds of Kuwait and Qatar. (Reuters)

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