Tishman Speyer Steps Toward Regaining Chrysler Building Control

A former owner of Manhattan’s Chrysler Building is one step closer to regaining control of the iconic Art Deco skyscraper.

The board of trustees for Cooper Union college, which owns the land under the tower, agreed to enter into exclusive negotiations with developer Tishman Speyer for a ground lease of more than 100 years, according to a person familiar with the matter. Any deal would require approval from the New York State Attorney General’s Office, the person said.

A spokesman for Tishman Speyer declined to comment. Represenatives for Cooper Union didn’t reply to requests for comment.

The Chrysler Building in New York.

Photographer: Jeenah Moon/Bloomberg

The office tower’s ...