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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