Anthony Malkin and the Empire State Building
Empire State Realty Trust starts trading its shares on the New York Stock Exchange this morning after an initial public offering Tuesday that sold 71.5 million shares of its marquee building for $13 each. The IPO raised $929.5 million for the real estate investment trust, despite a share price that was $1 to $3 cheaper than analysts’ expectations.
The share price stood at $13 shortly after the opening bell; trading is under the symbol ESRT.
The IPO values the stake of the REIT’s supervisors, Peter Malkin and son Anthony Malkin, at about $460 million. Empire State owns 19 properties in the tri-state area, valued at about $3.2 billion, and is considered by analysts as an investment with vast growth potential. In September, The Real Deal analyzed the complicated ownership structure of the tower. [more]