Empire State Building owners to pursue IPO plan
NEW YORK (Reuters) - Malkin Holdings LLC said on Friday it planned to pursue a public listing for the Empire State Building after reviewing several bids to buy control of the landmark New York skyscraper.
In a filing to the Securities and Exchange Commission, the holding company said it had "received indications of interest to purchase the fee and/or operating lease positions of the Empire State Building, as well as one indication of interest to purchase the fee and operating lease positions of One Grand Central Place".
But after a review, the company decided it was in the best interest of investors to proceed with the consolidation and initial public offering.
The building and its investors are managed by Malkin Holdings, which spearheaded a plan to roll the skyscraper, once the world's tallest building, into a real estate investment trust, called Empire State Realty Trust Inc, containing more than 18 properties.
Malkin Holdings was advised by Lazard Freres & Co LLC.
A spokesman for Malkin declined to comment beyond the filing.
Opened in 1931 during the Great Depression, the Empire State Building is one of New York's leading tourist attractions - known for its Art Deco tower and its colored light display at night.