Question Details

Who will buy the Empire State Building?

Reuters/Gary Hershorn

Who will buy the Empire State Building?

Asked by: Super Userkruijs in General » Other
Settled on 09/20/2013 20:30 Settled by Super Userkruijs
Winning option:Both offers rejected, disregarded Empire State Realty Trust Inc. (ESB), whose properties include Manhattan’s Empire State Building, filed to raise as much as $1.07 billion as it proceeds with one of the largest initial public offerings of a U.S. real estate investment trust.

The company, based in New York, plans to offer 71.5 million shares for $13 to $15 each, according to a regulatory filing yesterday. It expects to list on the New York Stock Exchange under the symbol ESRT.

Malkin Holdings LLC, supervisor of the Empire State Building, is moving ahead with the IPO after battling a group of dissident investors and rejecting a set of unsolicited offers for the tower. The REIT, which holds 21 New York-area properties, may be attractive to investors as it benefits from tenant demand, tourist visits to the landmark skyscraper and its holdings in prime Manhattan office locations, said Michael Knott, an analyst with research firm Green Street Advisors Inc.

http://www.bloomberg.com/news/2013-09-19/empire-state-building-reit-seeks-more-than-1-billion-in-ipo.html

Predictions

Cammeby's International Group for $2 billion
offering bid $2 billion
Second, yet undisclosed bidder, for $2.1 billion
offering $2.1 billion
Both offers rejected, disregarded

Background

Malkin Holdings LLC, which oversees the Empire State Building's investors and operations, said in a letter to investors that it was reviewing two unsolicited bids - one for $2.1 billion and the other for $2 billion - to buy the 102-story building. The letter was included in a filing with the U.S. Securities and Exchange Commission (SEC).

The $2 billion bid was made by the privately held Cammeby's International Group. The second bidder's identity was not disclosed in the most recent SEC filing.

Malkin Holdings led the plan to put the Empire State Building and more than 17 other properties into a real estate investment trust called Empire State Realty Trust Inc, which would become publicly traded under the proposed symbol "ESB" on the New York Stock Exchange. Investors recently approved the REIT plan by a super majority.

Malkin Holdings, the Helmsley Trust and investors would have to approve a sale.

http://www.reuters.com/article/2013/06/26/us-empirestatebuilding-offer-idUSBRE95P14A20130626

Find similar: empire state building, new york

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