The Real Deal New York

Empire State Building IPO grabs 100 percent approval

September 18, 2013 06:20PM

350 West 34th Street and Anthony Malkin (inset)

350 West 34th Street and Anthony Malkin (inset)

Anthony Malkin, long at the helm of an effort to turn the Empire State Building into a publicly traded real estate investment trust, received 100 percent of votes necessary to move forward with an initial public offering of the skyscraper and 18 other properties.

The Empire State Building Associates, the investor group that owns the tower, reported to the U.S. Securities and Exchange Commission that it had received approval of a proposal for a “consolidation transaction” and did not buy out the participation interest of any participant.

Malkin, who has endeavored to take the landmark building public since 2012, rejected a number of offers in pursuit of his goal. A spokesperson for Malkin Holdings declined to comment. — Julie Strickland

One Response to “Empire State Building IPO grabs 100 percent approval”

  1. September 26, 2013 at 3:19 pm, Pete Wetmore said:

    What Mr. Malkin neglected to say was that the offer to investors was this: Either say yes, or take $100 in full in exchange for your participation rights. And, without 100 percent approval, the deal couldn’t go forward.
    Was this fair?

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