Tishman Speyer and a group of investment partners are buying New York City’s Chrysler Building and committing $235 million to a major renovation of the historic Art Deco skyscraper.

The 77-story landmark, which opened in 1930, has faced years of uncertainty surrounding its ownership and future. The new investors say the extensive renovation will restore the building’s historic features while upgrading its aging infrastructure to compete with newer office towers across Manhattan.

The project will include improvements to the building’s mechanical, electrical and air conditioning systems, along with work throughout its interior and exterior.

The investors also plan to restore the building’s distinctive facade and polish its stainless steel crown, one of the most recognizable features of the New York skyline.

As part of the arrangement, the investment group will pay rent to Cooper Union, the New York college that owns the land beneath the skyscraper. The building sits on a 150-year ground lease.

Tishman Speyer has a long history with the Chrysler Building. The company acquired the lease at auction in 1997 and eventually completed its full divestment from the property in 2019.

The new owners also plan to transform the building’s 61st floor into a dining destination with access to outdoor terraces. The floor’s exterior is notable for its design inspired by the radiator caps of early Chrysler automobiles.

The renovation is intended to preserve the landmark’s historic character while bringing its infrastructure and amenities up to modern standards. The investors say the improvements will help the nearly century-old skyscraper remain competitive with newer buildings in Manhattan.