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New York

Malkin seeks to raise $1B in IPO

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

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.

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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]

 

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Empire State BuildingIPOsMalkin Holdings