Abu Dhabi firm buys stake in Chrysler building

German fund sells 75% of the famed New York skyscraper to the Abu Dhabi Investment Council.

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The iconic Chrysler Building has been part of the New York skyline since 1930.
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NEW YORK (CNN) -- A 75% stake in the famed Chrysler Building once owned by a German fund has been sold to an Abu Dhabi group, Prudential Financial, Inc. confirmed Wednesday.

Prudential Financial manages the German fund ProVictor IV, which sold its share in the well-known landmark to the Abu Dhabi Investment Council.

Tishman Speyer, a development and real estate firm, owns the remaining 25% stake in the art-deco skyscraper. The company would not comment on the sale, and refused to say if its share had also been sold.

The Abu Dhabi Investment Council also declined to comment on the transaction with ProVictor IV.

The 77-story building, which was completed in 1930, stands 1,046 feet high.

For a time, it was the tallest building in the world, until the Empire State Building was constructed, also in New York. Both have now been surpassed several times. The world's tallest building is currently the 1,670-foot Taipei 101 Tower in Taiwan, with 101 floors.

The ProVictor IV fund acquired its interest in the Chrysler building in 2001. The ProVictor series of funds are held for an average of five to seven years. The Chrysler sale is the last property to be sold from this closed-end fund series as part of PREI's fiduciary duty to its clients.

In this case, ProVictor's clients earned an average annual return of about 20% after taxes.

- CNN's Emily Anderson contributed to this report To top of page

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