Malkin Holdings close to getting investor votes needed for $1B Empire State Building IPO

New York /
Mar.March 15, 2013 01:30 PM

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


Related Articles

arrow_forward_ios
Robert Reffkin, founder & ceo, Compass (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Residential brokerage shares take a hit in first week of 2022 trading
Residential brokerage shares take a hit in first week of 2022 trading
Vector CEO Howard Lorber (iStock, Getty)
Goodbye Vector, hello public: Douglas Elliman makes NYSE debut
Goodbye Vector, hello public: Douglas Elliman makes NYSE debut
Tishman Speyer buys pair of industrial assets in diversification play
Tishman Speyer buys pair of industrial assets in diversification play
Tishman Speyer buys pair of industrial assets in diversification play
Residents at Sven in Long Island City will be able to control the light show atop their building, as well as some in Manhattan. (Spireworks)
LIC tower giving residents chance to light up night
LIC tower giving residents chance to light up night
Vector CEO Howard Lorber and Elliman CEO Scott Durkin (Getty)
Douglas Elliman to go public in spinoff from Vector Group
Douglas Elliman to go public in spinoff from Vector Group
286 Lenox Avenue in Harlem (Google Maps, iStock)
Interested in investing in a single building? This Harlem property could be your chance
Interested in investing in a single building? This Harlem property could be your chance
Empire State Realty Trust CEO Tony Malkin (Getty, iStock)
Empire State Realty’s multifamily play baffles experts, investors
Empire State Realty’s multifamily play baffles experts, investors
Empire State Realty Trust CEO Tony Malkin (Getty, iStock)
ESRT braces for more pain at Empire State Building
ESRT braces for more pain at Empire State Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...