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You are here: Home / Empire State Realty Trust Files For IPO Monday
Empire State Realty Trust Files For IPO Monday
February 14, 2012
New York, February 14 (FinanceEnquiry.com) - Empire State Realty Trust, the company that runs the famous Empire State Building in Manhattan and many other properties in New York, has made the necessary regulatory filing Monday for launching an initial public offering. However, details regarding the number of shares on offer in the IPO and the price that they may fetch were available. The company anticipates that the offering would raise about $1 billion.
The launch of the IPO comes at an opportune moment when the commercial property in New York is looking up after the 2008 financial crisis caused massive job losses on Wall Street and companies had to reduce the amount of office space that they were renting. Office space vacancies have come down and rents are rising.
It has been ten years since real estate investor Peter Malkin bought the 102-story Empire State Building from Donald Trump and a business partner for $57.5 million. The building was established as New York’s tallest skyscraper and completed in 1931. The proceeds from the IPO will be used to pay investors, cover expenses of the IPO and repay loans. It will also be used for possible future acquisitions.
Filed Under: News Tagged With:
empire state realty trust ipo,
empire state building owner ipo,
empire state realty trust shares
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