Linking datasets for two polygon layers in ArcMap?

I have two polygon shp files that do not have a common ID.

I’m trying to link the datasets with a common ID based on spatial location.

Is there a tool/process to link features (common ID in the attribute table) from one polygon layer that are spatially located inside of features of the other polygon layer?

For example, imagine you have a parcel/property boundary layer, and a buildings layer.

Would there be a way to link all building features with the surrounding parcel/property boundary feature with a common ID.