Empire State building owners plan $1bn IPO

Monday, 13 February 2012

Empire State building owners plan $1bn IPO

by Mike Anderson

The company that controls the Empire State Building has revealed plans to raise as much as $1bn in an initial public offering

NEW YORK -- The owners of the Empire State Building, which until the 1970s was the World's tallest tower, is set to go public on the New York Stock Exchange (NYSE).

Empire State Realty Trust, which owns not only the landmark 102-story skyscraper in midtown Manhattan but also 11 other buildings in New York City, has files for an IPO which is intended to raise $1 billion in cash for the company.

According to reports by Reuters, the Empire State Building has seen several owners over the decades and had been at the centre of a legal battle among the Malkin family, property tycoon Donald Trump and real estate heiress Leona Helmsley.

Since taking control of the Empire State Building in 2002, the Malkin family has invested tens of millions of dollars to improve the office spaces as part of a $500-million project to bring the skyscraper, completed in 1931, to modern environmental standards.

Some of the money raised through the planned IPO is earmarked for further refurbishment work.

The Empire State Building was the first tower ever built to have more than 100 floors. It has 6,500 windows and 73 elevators, and there are 1,860 steps from street level to the 102nd floor. It has a total floor area of nearly 2.8 million sq ft.

Pin It

The Empire State Building Goes Public
Source: Newsy.com Owning a piece of the Empire State Building might be easier than you thought, thanks to an initial public offering.

Recent related news

Windmill Controversy Crosses Country Lines STANSTEAD, Quebec (AP) — The winds blowing through Canada's broad St. Lawrence Valley and across Vermont's hilltops are stirring up an international tempest... Huffington Post 16 hours ago - Business
Rody Moore: How Small Businesses Can Manage Negative Online Reviews In our increasingly online, social, and mobile world, customer reviews are an important driver of offline consumer behavior. Remarkably, 49 percent of consumers... Huffington Post 2 days ago - Technology
LOOK: Gateway Project Hits Important Milestone Detroit's contentious Gateway Project, the drawn-out construction plan meant to keep trucks off city streets and out of Detroit neighborhoods, hit an important... Huffington Post 3 days ago - Business	Britain's Firing Every Lazy Government Worker Under-performing civil servants will be identified and fired under plans to rank all government officials by ability. David Cameron is growing increasingly... Business Insider 3 days ago - Business
Surface Control Introduces Slip Guardian to Protect Businesses Against Costly Slip Accidents. Slip Guardian has been launched by Surface Control to test a range of floor surfaces for potential slip hazards; helping protect business owners, staff and... PRWeb 3 days ago - Press Releases	iCIMS Gives Back to the Local Environment SaaS technology provider donates time & resources to improve Cheesequake State Park. Matawan, NJ (PRWEB) May 14, 2012 iCIMS, a leading provider of... PRWeb 4 days ago - Press Releases

Related tweets

eliotwb Horizontal integration? The owners of the Empire State Building are bidding to run 1 WTC's observation deck http://t.co/3Rwz9OQ8 4 days ago

natebrown321 Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real estate inves... http://t.co/xpZsESnT 5 days ago

investmentsinfo Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real estate investment trust that will... 5 days ago

creditiswealth Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real estate inves... http://t.co/ox264Zgr 5 days ago

GlobalListings Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real ... http://t.co/q9xfFpUS #realestate 5 days ago

LuxInvestor Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real ... http://t.co/t7dXmUB7 #realestate 5 days ago

RealEstef Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real ... http://t.co/Nez64boa #realestate 5 days ago

GlobalListings Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real ... http://t.co/cJu9WHCe #RealEstate 5 days ago

LuxInvestor Investing: Landmarks you can invest in: The owners of the Empire State Building are creating a real ... http://t.co/SpIEDg9D #RealEstate 5 days ago

•More original news reports from One News Page