SL Green Realty is considering a potential acquisition of the Chrysler Building, according to comments made by CEO Marc Holliday at a recent shareholder dinner hosted at Le Pavillon in One Vanderbilt. The event was arranged by Bank of Montreal analyst John Kim.
“He said it’s an iconic building and at the right price, SL Green would be interested,” Kim told Crain’s.
SL Green has not provided further comment on the matter.
The Chrysler Building, located at 405 Lexington Avenue, is owned by Cooper Union, which holds the land beneath the property. Earlier this year, Cooper Union hired Savills to market the building’s ground lease. The property has been involved in legal disputes recently. In January, a judge terminated RFR’s ground lease and evicted the firm from the building after Cooper Union alleged that RFR had stopped paying rent and accumulated $21 million in arrears. RFR acquired the ground lease for $151 million in 2019 and invested $170 million in renovations before financial difficulties arose following its partner Signa Holding’s bankruptcy in 2023.
Current tenants of the Chrysler Building include Moses & Singer law firm, Creative Artists Agency, and architect Ted Moudis. As of May, about 15 percent of space in the building was vacant.
SL Green recently faced another setback when its Times Square casino proposal was rejected by a Community Advisory Committee. Afterward, Holliday criticized committee members for their decision: “despicable display of cowardice, lack of leadership, lack of consideration for all the people who would benefit from this proposal.”
On the same day as that vote, Rithm Capital agreed to acquire Paramount Group for $1.6 billion after a competitive bidding process involving several major real estate firms including Vornado, SL Green, Empire State Realty Trust, and Blackstone.
