Public in line to own shares in the Empire State Building
Plans are afoot for initial public offering priced at US$13 to US$15 a share for the iconic building
The price for the public to own a piece of New York's Empire State Building is close at hand.
Empire State Realty Trust, the real estate investment trust with the iconic skyscraper as its centerpiece, plans to launch an initial public offering of 71.5 million shares at US$13 to US$15 apiece, according to a regulatory filing on Thursday.
The shares are expected to price on October 1, a source said. At the high end of the anticipated pricing range, the IPO could generate US$1.07 billion, making it one of the three biggest reit debuts. The range is higher than earlier estimates of US$10 a share, according to filings with the US Securities and Exchange Commission.
"I'm very satisfied," said Barrett Browd, 73, an investor whose parents bought 1.5 ownership units in the building more than a half century ago.
"I don't want to wait six months or a year to squeeze anything more out of this."
I don’t want to wait six months or a year to squeeze anything more out of this
The bankers involved in bringing the reit to market, led by Bank of America and Goldman Sachs, are launching a roadshow that will attempt to garner interest from large funds to buy the shares. The final price will be determined by the interest shown from the roadshow.