Planned IPO for Empire State Building
Investors will soon have a chance to own the Empire State Building (at least a part of it). The controlling company of the Empire State Building, Empire State Realty Trust, Inc., plans to convert to a REIT and raise as much as $ 1 billion in an IPO. The company will form a REIT by consolidating a group of closely held companies and seeks to lists its shares on the New York Stock Exchange. Empire State Realty Trust currently holds 11 other properties in Manhattan, upstate New York and Connecticut. Other prominent properties that would be consolidated into the REIT are 1 Grand Central Place and 250 West 57th Street. The prospective REIT will trade under the “ESB” ticker, according to SEC filings.