Empire State Realty Trust in talks to buy New York REIT

Investment trust tied to American Realty Capital is valued at $1.75B

New York /
Oct.October 08, 2014 11:25 AM

Empire State Realty Trust, a real estate investment trust that owns the Empire State Building, is among several prospective buyers in talks to acquire New York REIT, which is valued at $1.75 billion.

New York REIT, founded in 2010 and formerly known as American Realty Capital’s New York Recovery REIT, hired Realty Capital Securities and Barclays Capital to serve as advisers in an effort to increase its shareholder value. The REIT went public in April, in a first for a real estate firm that specializes in solely New York City properties. The share price at the time of the debut was $10.70.

Michael Happel, president of New York REIT, said the board of directors are “disappointed and believe the market is undervaluing” its shares.

The REIT owns stakes in 21 commercial properties in the city, including One Worldwide Plaza and 1440 Broadway. [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
From left to right: Gov. Andrew Cuomo, Tony Malkin, Larry Silverstein, Douglas Durst, Steven Roth and Bill Rudin. (Getty)
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Tony Malkin (Getty, iStock)
Empire State Realty Trust reports 97.5% drop in Q4 earnings
Empire State Realty Trust reports 97.5% drop in Q4 earnings
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)
Office unease: Tenants are paying up but staying away
Office unease: Tenants are paying up but staying away
(Getty, iStock)
Prospect of divided government rallies real estate stocks
Prospect of divided government rallies real estate stocks
(iStock)
Is winter coming? Real estate stocks dragged down by 4th week of market decline
Is winter coming? Real estate stocks dragged down by 4th week of market decline
Industrial REITs have been an outlier in 2020, returning nearly 27 percent (iStock)
As stocks rally, real estate investors try to pick winners
As stocks rally, real estate investors try to pick winners
Empire State Realty Trust CEO Anthony Malkin and the Empire State Building (Photos via Getty Images)
Empire State Realty cancels dividend for rest of 2020
Empire State Realty cancels dividend for rest of 2020
Jonathan Litt of Land & Buildings (Getty Images/iStock)
Armed with a modest checkbook but a big pulpit, Jonathan Litt is going after Big Office. Can he prevail?
Armed with a modest checkbook but a big pulpit, Jonathan Litt is going after Big Office. Can he prevail?
arrow_forward_ios

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

Loading...