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Abu Dhabi fund, developer seek to sell Chrysler Building

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The Chrysler Building, center, stands next to other midtown skyscrapers, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)

NEW YORK (AP) — The owners of New York City's Chrysler Building are putting the landmark Art Deco skyscraper on the market.

The building's owners, the Abu Dhabi Investment Council and New York developer Tishman Speyer, have hired commercial real estate firm CBRE Group Inc. to market the office tower, CBRE spokesman Aaron Richardson confirmed Wednesday.

The 77-story skyscraper was built between 1928 and 1930 and was the world's tallest building until the Empire State Building claimed the title in 1931.

Originally the headquarters of the Chrysler Corp., the midtown Manhattan tower with its distinctive tiered crown has long been a favorite with architecture critics and the public. It is familiar to viewers of many films including "Independence Day" and "Spider-Man."

But the nearly 90-year-old Chrysler Building is competing for tenants with new skyscrapers that boast large floor plates and modern amenities like sweeping outdoor terraces.

The Abu Dhabi Investment Council paid $800 million for a 90 percent stake in the Chrysler Building in 2008, shortly before the financial crisis sent real estate prices plunging.

The Wall Street Journal, which first reported the planned sale of the building, said estimates of the property's current value vary widely.

FILE - This May 14, 2015 file photo, shows the top of New York's iconic Chrysler Building, left, in a night view of Manhattan. The owners of the Art Deco skyscraper are putting it on the market. The Abu Dhabi Investment Council and New York developer Tishman Speyer, have hired a commercial real estate firm to market the 77-story landmark building that was constructed between 1928 and 1930 and was the world's tallest building until the Empire State Building claimed the title in 1931. (AP Photo/Julie Jacobson, File)
A man walks through the Chrysler Building lobby, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
Clouds float past the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A sculptured eagle adorns the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A painting of the Chrysler Building adorns the lobby ceiling, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A sculptured Chrysler automobile emblem is on an upper floor of the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A man enters the Chrysler Building lobby, Wednesday, Jan. 9, 2019, in New York. Behind him is a photograph of eagles that adorn an upper floor of the art deco building. (AP Photo/Mark Lennihan)
A painting depicting the flight of Charles Lindbergh's flight in the Spirit of St. Louis across the United States adorns lobby ceiling in the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale.(AP Photo/Mark Lennihan)
A painting depicting the flight of Charles Lindbergh's flight in the Spirit of St. Louis across the United States adorns lobby ceiling in the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale.(AP Photo/Mark Lennihan)
A painting depicting the flight of Charles Lindbergh's flight in the Spirit of St. Louis across the United States adorns lobby ceiling in the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale.(AP Photo/Mark Lennihan)
The Chrysler Building, center, stands next to other midtown skyscrapers, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
The Chrysler Building, center, stands next to other midtown skyscrapers, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A sculptured Chrysler automobile emblem is on an upper floor of the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A sculptured Chrysler automobile emblem is on an upper floor of the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A sculptured eagle adorns the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A sculptured eagle adorns the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A man enters the Chrysler Building lobby, Wednesday, Jan. 9, 2019, in New York. Behind him is a photograph of eagles that adorn an upper floor of the art deco building. (AP Photo/Mark Lennihan)
A man enters the Chrysler Building lobby, Wednesday, Jan. 9, 2019, in New York. Behind him is a photograph of eagles that adorn an upper floor of the art deco building. (AP Photo/Mark Lennihan)
A painting of the Chrysler Building adorns the lobby ceiling, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A painting of the Chrysler Building adorns the lobby ceiling, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
FILE - This May 14, 2015 file photo, shows the top of New York's iconic Chrysler Building, left, in a night view of Manhattan. The owners of the Art Deco skyscraper are putting it on the market. The Abu Dhabi Investment Council and New York developer Tishman Speyer, have hired a commercial real estate firm to market the 77-story landmark building that was constructed between 1928 and 1930 and was the world's tallest building until the Empire State Building claimed the title in 1931. (AP Photo/Julie Jacobson, File)
FILE - This May 14, 2015 file photo, shows the top of New York's iconic Chrysler Building, left, in a night view of Manhattan. The owners of the Art Deco skyscraper are putting it on the market. The Abu Dhabi Investment Council and New York developer Tishman Speyer, have hired a commercial real estate firm to market the 77-story landmark building that was constructed between 1928 and 1930 and was the world's tallest building until the Empire State Building claimed the title in 1931. (AP Photo/Julie Jacobson, File)
A man walks through the Chrysler Building lobby, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
A man walks through the Chrysler Building lobby, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
Clouds float past the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)
Clouds float past the Chrysler Building, Wednesday, Jan. 9, 2019, in New York. The art deco masterpiece that was briefly the world's tallest skyscraper when it was completed in 1930 is up for sale. (AP Photo/Mark Lennihan)