Abu Dhabi Fund Acquires Most of Chrysler Building

By ALEX FRANGOS

An Abu Dhabi sovereign-wealth fund has purchased a majority stake in the Chrysler Building, an iconic New York City skyscraper.

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 company Prudential Financial 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.

Abu Dhabi Fund Acquires Most of Chrysler Building....