In 2007, it was ranked ninth on the List of America's Favorite Architecture by the American Institute of Architects. It was the headquarters of the Chrysler Corporation from 1930 until the mid-1950s, but, although the building was built and designed specifically for the car manufacturer, the corporation did not pay for the construction of it and never owned it, as Walter P. Chrysler decided to pay for it himself, so that his children could inherit it.