Malkin seeks to raise $1B in IPO

Operator of the Empire State Building bets that tower will be attractive investment opportunity

TRD New York /
Feb.February 13, 2012 12:30 PM

Malkin Holdings, operator of the Empire State Building is planning to raise up to $1 billion in its initial public offering, Bloomberg News reported, according to a U.S. Securities and Exchange Commission filing the company submitted today.

The company, which will list shares on the New York Stock Exchange, will consolidate a group of  companies to form a real estate investment trust as part of the IPO, which will be advised on by Bank of America Merrill Lynch and Goldman Sachs Group, it said in a separate filing.

As previously reported, the Malkins have been considering this move since at least April 2011. The landmarked tower, which has undergone a massive $550 million capital improvements program in recent years, would present a positive investment opportunity for traders, as prices for high-profile, luxury assets soar.

No price or number of shares was given in the filing, Bloomberg said. [Bloomberg]

 

Related Articles

arrow_forward_ios
Trump’s tax returns, Amazon gets into proptech: Daily digest

Trump’s tax returns, Amazon gets into proptech: Daily digest

WeWork co-CEOs Artie Minson and Sebastian Gunningham (Credit: Getty Images and Twitter)

Meet WeWork’s new co-CEOs

WeWork IPO pushed back, Manhattan DA subpoenas Trump Org taxes: Daily digest

WeWork IPO pushed back, Manhattan DA subpoenas Trump Org taxes: Daily digest

Gary Barnett says luxury market is crowded, WeWork IPO woes continue: Daily Digest

Gary Barnett says luxury market is crowded, WeWork IPO woes continue: Daily Digest

WeWork’s plunging valuation could spell concern for other real estate startups

WeWork’s plunging valuation could spell concern for other real estate startups

From left: Lewis Frankfort of Flywheel Sports, Bruce Dunlevie of Benchmark, Ronald Fisher of Softbank, Mark Schwartz of Softbank, and John Zhao of Hony Capital (Credit: Stanford University; Softbank; Getty Images)

Behind the curtain of WeWork’s all-male board of directors

The We Company's Adam Neumann (Credit: Getty Images)

Adam Neumann has cashed out more than $700M prior to We Company IPO

The We Company CEO Adam Neumann (Credit: Getty Images and iStock)

The We Company tries a new approach at raising billions: selling its debt

arrow_forward_ios