New York’s Chrysler Building Is Up for Sale

(Bloomberg) -- Abu Dhabi, majority owner of New York’s Chrysler Building, is considering a sale of the landmark skyscraper, according to people with knowledge of the matter.

The owners of the Art Deco tower in midtown Manhattan have hired CBRE Group Inc. to market the property, Wall Street Journal first reported, citing Darcy Stacom, chairman of the firm’s New York City capital markets group.

New York’s Chrysler Building Is Up for Sale

Abu Dhabi bought its interest through its sovereign wealth fund Abu Dhabi Investment Council in 2008, said the people, who asked not to be identified because the discussions were private. The wealth fund became a part of Mubadala Investment Co. after a merger last year. In 2008, the Abu Dhabi government fund paid $800 million for a 90 percent stake in the Chrysler Building, the Wall Street Journal reported.

A representative for Mubadala declined to comment. Representatives for Tishman Speyer, minority owner of the building, didn’t immediately respond to requests for comment.

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