Empire State Building Prepares for Launch
The New York family that controls the Empire State Building is about to launch the formal marketing process to sell the building, in what would be one of the largest real-estate initial public offerings and the end of a colorful era for the storied skyscraper.
The process, known as the “roadshow,” for a real-estate investment trust called Empire State Realty Trust, is expected to start as early as this week with pitches to investors in major cities, according to people familiar with the matter. The Malkin family, which is spearheading the IPO process, hopes to price the stock offering as early as the first week of October through lead underwriters Bank of America Corp. BAC -0.54% and Goldman Sachs Group Inc., these people said.
The new company will include the 102-story tower and 18 other Malkin properties in Manhattan and the surrounding area. The IPO aims to raise up to $1 billion, which would make it the second-largest ever by a U.S.-based REIT, according to data provider Dealogic….read more