Abu Dhabi Goes Art Deco: Emirate Fund Buys Chrysler Building

Not to be outdone by the Dubai fund that last month partnered with U.S. investors to acquire the GM Building, the Abu Dhabi Investment Council has ponied up an estimated $800 million to buy a majority stake in the iconic and shiny Chrysler Building, Bloomberg reports. Designed by William Van Alen, the pointy-topped skyscraper was completed in 1930, beginning a thrilling 11-month reign as the world’s tallest building before the ribbon was cut on the taller Empire State Building the following year. Bloomberg had no luck in eliciting a comment from Abu Dhabi’s sovereign wealth fund, where an official said that the Council is prohibited by law from discussing its investments. Tishman Speyer Properties retains a minority (25%) stake in the Chrysler Building. In a related story, spinster Miss Hannigan has been asked to adjust her similes and direct her rag-tag orphan charges to “stay up ’til this dump shines like the top of the Emirates Palace Hotel.”