Malkin Holdings, a co-owner of the Empire State Building, has secured nearly three quarters of the votes it needs from investors to move forward with its $1 billion initial public offering for the famed building, the Financial Times reported, citing a letter sent to investors today.
Almost 60 percent of Malkin Holdings’ 3,590 investors in its three public entities consented to vote in favor of the IPO. Eighty percent have to grant their approval for the offering to move forward.
Malkin Holdings seeks to create publicly traded real estate investment trust made up of the Empire State Building and other New York properties it owns, as previously reported. Shares would trade on the New York Stock Exchange.
However, a group of investors had filed a lawsuit objecting to the IPO on the grounds that they were not getting a fair deal. The parties have reached a $55 million deal to end the suit, though it has not yet been finalized. [FT] –Hayley Kaplan