|Address:||405 Lexington Avenue||Class:||A|
|Cross Streets:||42nd & 43rd Streets||Size:||1,195,000 SF|
|Year built:||1930||Architect:||William Van Alen|
The Chrysler Building at 405 Lexington Avenue in Midtown Manhattan is one of the most beloved staples on the NYC skyline. Designed in 1930 by William Van Alen for Walter Chrysler, head of the Chrysler Corp., the iconic building is a National Historic Landmark. The Art Deco skyscraper served as the home of Chrysler until the mid-1950s, and nowadays houses law firm spaces, medical office tenants and media and communications companies.
1.3 MSF of LEED Gold, Class A Office Space
The Chrysler Building features 1.3 million square foot of Class A, LEED Gold-certified office space, conveniently located in the Grand Central area. The tower incorporates more than 42,000 square feet of retail space, and was completely renovated in 2000. Amenities include energy efficient systems, central HVAC and operable windows, 24/7 access and concierge-attended lobby. The building also offers direct access to Grand Central Station.
The 77-story tower was acquired by RFR Realty and Austrian company Signa Holding in early 2019 for $150 million. The land beneath the tower is owned by Cooper Union school, which leases it to the building owners for $32.5 million in annual rent. The 88-year-old Midtown Manhattan landmark is managed by its previous owner, Tishman Speyer.
Getting to and from the Chrysler Building
The Chrysler Building is situated right across the street from Grand Central Terminal, making it a great location for businesses needing easy access to Metro North and major subway lines. A staircase located on the building’s 42nd Street side leads directly under the building to the Grand Central-42nd Street subway station. Access to the building is 24/7.
Who is renting office space at the Chrysler Building?
The building is home to various companies operating in the legal sector, financial services, media and communication, as well as medical office tenants and coworking spaces. Notable office-using tenants at the Chrysler Building include Moses & Singer, A&L Goodbody, Northstar Group, Kimco Realty, Columbia University, Memorial Sloan Kettering Cancer Center, and Time Inc. The building also houses coworking spaces operated by Regus and Spaces, and retail tenants like Amazon, Chase Bank, and Madison Avenue Eye Care.
How much is the rent price for office space at the Chrysler Building?
Office asking rents in Midtown Manhattan have reached a post-recession peak in 2019, resting at $87 per square foot. Rents at the Chrysler Building are slightly more affordable, hovering somewhere in the mid-$60s per square foot range. The building’s excellent location and iconic status continue to pique the interest of office-using tenants. While many companies are choosing to move to the state-of-the-art, glassy towers of Hudson Yards, many still prefer to work in an established neighborhood, in a landmark Manhattan skyscraper.