Cloud Club closed in the evening. Many famous executives based in the tower had lunch in the club. The club was only for men for several decades. In the 1950s and 1960s newer clubs opened, causing the attendance at the Cloud Club to decrease. In 1971 180 corporations supplied 300 members of the club. The club declined more as competition from other clubs increased and as companies moved offices to suburban areas. Texaco moved its employees to Westchester, New York in 1977, and the club closed in 1979. Tishman Speyer, which took over the Chrysler Building in 1998 and refurbished it, leased
New South Wales Club building Capital and Counties would lease the front of the Club building to the National Trust which would then lease it to IPEC Investments. Capital and Counties nominally leased the building to the Trust at one dollar per year, with the City of Sydney offering Capital and Counties an incentive by giving a bonus plot ratio which allowed additional floors for its intended office block site as compensation for the additional cost of preserving the original club building. The demolished wings and rear would be used by Capital and Counties as high-rise offices and in its deal with IPEC, the Savoy