New York City’s iconic Empire State Building went public on Wednesday as part of a real estate trust traded for the first time on the New York Stock Exchange.
The Empire State Realty Trust, which owns the landmark skyscraper and 17 other buildings in the New York area, closed 10 US cents higher at US$13.10 after being introduced to the markets at an initial public offering price of US$13 a share.
The company sold 71.5 million shares, raising US$929.5 million. It said it might offer an additional 10.7 million shares in the next 30 days.
The Malkin family, which controls the Empire State Building, filed initial papers to take the venture public in February last year. However, the effort was delayed for several months by legal wrangling.
At 381 metres and 102 floors, the Art Deco-style building is one of New York City’s most popular tourist destinations and the city’s second-tallest building since the opening in May of One World Trade Centre, which reaches 541 metres.
It was the world’s tallest building from its opening in 1931 until 1974, when the 442-metre Sears Tower was completed in Chicago.