Empire State Building owners plan an IPO
February 15, 2012 - New York
The company that runs Manhattan's Empire State Building is planning an initial public offering that could raise as much as $1 billion.
Empire State Realty Trust Inc. owns and operates 12 properties in Manhattan and the greater New York metropolitan area.
Empire State Realty said it plans to use the offering's net proceeds to pay certain investors, repay loans and for general purposes and possible future acquisitions.
Through the offering, shareholders will be able to own a piece of 12 office buildings in New York and Connecticut that together comprise 7.7 million square feet of rentable office space.
The Empire State Building, a 102-story tower completed in 1931, is famous for its rooftop view and for its role as the building that a giant ape scaled in the 1933 film "King Kong."
Empire State Realty expects to trade on the New York Stock Exchange under the "ESB" ticker symbol.
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