Real estate developer Tishman Speyer has released plans to restore the facade of the Chrysler Building in New York and redesign at least 75 per cent of the interiors, after taking over the building's lease.
The Cooper Union for the Advancement of Science and Art (Cooper Union), which has owned the ground under the Chrysler Building since 1902, recently signed a lease agreement with Tishman Speyer. The developer has also invested $235 million towards the restoration, on top of the agreed lease payments.
The agreement will see an extensive renovation of the 1.3 million-square-foot building, which was designed by architect William Van Alen for the Chrysler Corporation in the 1920s and remains a touchstone example of art deco architecture.
Tishman Speyer said it plans to restore the facade and polish the skyscraper's crown. The company is no stranger to the Chrysler Building, having bought and renovated it in the 1990s before selling it in 2008.
In 2024, the New York Times reported on the building's declining condition under the then-owners.
Under the new scheme, Tishman Speyer will convert the interiors into high-end offices. It will modernise the mechanical systems.
The company said it plans to convert the 61st floor, where the famous art deco gargoyles are located, into an amenity space with a lounge, wellness elements and terraces.
Also included in the plan are interiors for 75 per cent of the office spaces so that they can be quickly occupied by tenants. Many of the public spaces in the structure will have to be maintained due to historic landmark designations.
Renderings released by the developer include pared-down spaces with slight art deco-inflected furnishings and luxury details such as stone and wood flooring.
The team, which includes investors such as PSP Investments, did not release details about architecture or interior design studios associated with the project at this stage.
Money from the lease agreement will go directly to Cooper Union, a school known for its strong architecture and design education.
"For more than a century, the Chrysler Building has helped sustain Peter Cooper's vision of opening access to education by removing financial barriers," said Cooper Union president Steven W McLaughlin.
"We have a responsibility to be caretakers of that promise, to build upon it, and to leave Cooper stronger for those who come after us," continued McLaughlin. "This agreement is part of an integrated financial plan that gives us the framework to confidently pursue that goal."
Other recent iconic renovations include the completion of a years-long restoration of Frank Lloyd Wright's Falling Water.
The images are courtesy of Tishman Speyer.