NEW YORK CITY-The marketing process, known as the “road show” is expected to begin soon, perhaps as early as this week, on the availability of the Empire State Building for purchase.
The Malkin family, which is behind the IPO process for Empire State Realty Trust, hopes to price the stock offering by perhaps the first week of October, according to the Wall Street Journal. The IPOs underwriter are Bank of America Corp. and Goldman Sachs Group Inc.
Empire State Realty Trust's offering will include the 102-story Empire State Building and 18 other Malkin-controlled properties in Manhattan and the surrounding region. The Malkins stated in a securities filing earlier this month that they had reviewed unsolicited offers and rejected them in favor of the IPO.
Published reports state that the Malkins are hopeful the IPO will raise up to $1 billion, which would make it the second-largest public offering ever by a U.S.-based REIT. See story in the Wall Street Journal.
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