The Wall Street Journal reported that an Abu Dhabi sovereign wealth fund has purchased a majority stake in the Chrysler Building, an iconic New York City skyscraper.

As per report Abu Dhabi Investment Council will take a 90% stake in the tower's ownership for USD 800 million. Tishman Speyer Properties, a New York landlord, will retain the remaining ownership piece and will manage the property.

The report said that ADIC purchased its share mostly from a fund managed by Prudential Real Estate Investors, a unit of insurance company Prudential Financial Inc. The fund included European investors, especially Germans. ADIC also purchased a piece of the tower from Tishman Speyer, which previously owned a quarter of the building.

Abu Dhabi's price for 90% of the tower would value the building at about USD 890 million, or USD 742 a square foot. It contains roughly 1.2 million square feet of office and retail space.

The 77 story Art Deco tower is one of the most recognizable images on New York's skyline and was the tallest building in the world when it was built in 1930 to house Chrysler Corp., before being supplanted by the Empire State Building.