Malkin Holdings to proceed Empire State Building IPO
In a filing to the US Securities and Exchange Commission Friday, Malkin Holdings LLC would proceed plans for an initial public offering (IPO) for the Empire State Building. The decision to an IPO was done as Malkin finished reviewing several bids from investors who wishes to have a stake in the New York skyscraper. Malkin manages the investors who owned the Empire State Building.
The filing read, "(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".
The Empire State Building was opened during the Great Depression in 1931. The famous skyscraper is a popular landmark for tourists because of its Art Deco design and its colorful display at night.
The Empire State Building's owners were planning to roll the building out into a real estate investment trust (REIT). The new trust, called Empire State Realty Trust Inc., would contain over 18 properties.
Malkin, through its spokesperson, would not comment about the filing.