WASHINGTON, DC—ETRE REIT has postponed, possibly indefinitely, the pricing of its initial public offering because it went past the Securities and Exchange Commissions' 135-day rule, the company tells GlobeSt.com.
The delay also means it may not go forward with its purchase of 1201 Connecticut Ave., from Mack-Cali Reality Corp., for $85.1 million. The purchase and sale agreement for the CBD office was through May 15.
ETRE REIT appears to have run out of time because of the number of questions it received from investors about its business model, which is new to the industry.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
