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Empire State Building To Have New Owners: The Public

NEW YORK (UPI) — The owners of New York’s iconic Empire State Building say they have agreed to combine it with 18 other properties and take the company public.

Dealogic, a firm that keeps track of Wall Street deals, said the initial public offering for the Empire State Realty Trust, which includes the famous skyscraper built in 1931, is on track to become the second-largest IPO ever for a U.S. real estate company.

The Wall Street Journal reported Wednesday that 80 percent of the stakeholders in the company that owns the building voted to take the company public. However, it was a contentious campaign waged by the Malkins, the family that now controls the company, to convince other shareholders to go along with the proposal.

Some stakeholders believed the Malkins would do well with the IPO, expecting they could come away with $714 million, some of that at the expense of other shareholders.

“We are pleased to deliver to our investors a proposal which has received such support. We look forward to delivering to our investors what we believe to be the many benefits of this transaction, a spokeswoman for the family said in a statement.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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