Disturbing News 2 Me

Chrysler Building Acquired by Middle East Group

An Abu Dhabi sovereign wealth fund has acquired the Chrysler Building from a fund managed by Prudential Financial Inc. for an untold sum. It was learned last month that the Abu Dhabi group was considering buying a majority stake in the 1930 skyscraper for $80 million; Bloomberg news is now reporting that the deal is done. Middle Eastern investors have spent $1.8 billion this year buying commercial property in the U.S., more than other international buyers. “We're sending our money their way to purchase oil, and that money is coming back and buying our assets,” said Dan Fasulo, market analysis director at Real Capital.