Tishman, GIC To Sell Midtown’s CitySpire to Delshah, AM Property for $135.7M
The sellers had owned the 75-story, mixed-use tower for more than 20 years
By Brian Pascus February 25, 2026 7:29 am
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One of Manhattan’s Midtown landmarks is about to change hands.
Commercial Observer can first report that CitySpire, the 70-story, 377,000-square-foot office and condo tower on West 56th Street, is in contract to be sold by Tishman Speyer and GIC to DelShah Capital and A.M. Property Holding Corporation for $135.7 million, according to a source close to the deal.
Newmark’s Adam Spies, Adam Donegar, Doug Harmon, Avery Silverstein, Marcelo Fasulo, and Josh King arranged the sale.
The deal is expected to close within 30 days. Newmark’s Jordan Roeschlaub and Nick Scribani are currently in the market sourcing acquisition debt for the deal, with a 65 percent loan-to-cost ratio, according to a source.
CitySpire is located at 156 West 56th Street in Midtown West, and was developed by Ian Bruce Eichner, founder of the the Continuum Company. The tower opened in 1990 to much fanfare, as it became the second-tallest stone and concrete tower in the U.S. after the Sears Tower (now Willis Tower) in Chicago. CitySpire combined luxury condos with 24 floors of office space.
The building had a troubled early history, however, as it became mired in lawsuits with the city over height and zoning violations, while also falling into foreclosure because of unpaid construction loans.
CitySpire’s office floors were purchased by GIC, a Singapore-based investment fund, in 2001, while Tishman Speyer bought a 51 percent share of the office space in 2004. Tishman then purchased the fee interest and residential portion of the building in 2012.
Tishman and GIC inaugurated a $20 million capital improvement plan for the building in 2020 that included a new lobby, modernized elevators, a cooling tower and updated residential suites.
The building’s office section is currently 98 percent leased to tenants that include law firm Windels Marx Lane & Mittendorf, running group New York Road Runners, and footwear company Caleres.
Tishman Speyer, GIC, Delshah Capital, Newmark and A.M. Property did not respond to requests for comment
Correction: An initial version of this story incorrectly said the asset has been sold, when it is under contract.
Brian Pascus can be reached at bpascus@commercialobserver.com.
