Grand Central Terminal owner revealed as bidder for Malkin headquarters at One Grand Central Place

$710M offer could slow Malkin family's IPO plans

New York /
Jul.July 25, 2013 01:30 PM

Property owner Andrew Penson has been unmasked as the source of a $710 million bid to Purchase One Grand Central Place, a Malkin Holdings-owned office tower that is part of a controversial planned real estate investment trust, the Wall Street Journal reported.

Penson, whose company owns Grand Central Terminal, is also one of the Empire State Building stakeholders who has opposed the Malkin Holdings’ plan to sell the iconic skyscraper as part of a public offering.

Malkin Holdings disclosed the offer in a July securities filing that did not identify the buyer, but people familiar with the offer told the Journal it was from Penson.

One Grand Central Place is also the Malkins’ headquarters. Significantly, the price Penson offered was higher than the value that Malkin Holdings assigned to the property in the IPO.

Unsolicited bids have also come in for the Empire State Building, though none have topped the landmark’s $2.5 billion appraised value. [WSJ]Julie Strickland


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