What Does $135 Oil Get You? The Chrysler Building!

The Abu Dhabi Investment Council has completed its acquisition of the Chrysler Building:

WSJ: An Abu Dhabi sovereign wealth fund has purchased a majority stake in the Chrysler Building, one of New York’s most iconic skyscrapers.

The Abu Dhabi Investment Council will take a 90% stake in the tower’s ownership for $800 million, according to people familiar with the matter. Tishman Speyer Properties, a New York landlord will retain the remaining ownership piece and will manage the property.

ADIC purchased its share mostly from a fund managed by Prudential Real Estate Investors, a unit of insurance giant Prudential Inc. The fund included European investors, especially Germans. ADIC also purchased a piece of the tower from Tishman Speyer, which previously owned a quarter of the building.

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