The company that controls the Empire State Building, the landmark 102-story skyscraper in midtown Manhattan, may file to become a publicly traded real estate investment trust in about three months.
Malkin Holdings LLC, supervisor of the company the holds the title to the tower, has “embarked on a course of action” that could result in it becoming part of a new REIT (BBREIT), Empire State Building Associates LLC said in a regulatory filing today. Documents may be filed with the Securities and Exchange Commission in about three months, according to the filing.
A public offering would give investors the opportunity to own a piece of one of New York’s most famous buildings as the city’s real estate values rebound after the recession. Midtown Manhattan office property prices have gained 87 percent since a mid-2009 trough, according to Green Street Advisors Inc., a REIT research firm in Newport Beach, California.
Malkin Holdings supervises property-owning partnerships led by Peter Malkin and his son Anthony Malkin. It owns the 2.9 million-square-foot (269,000-square-meter) Empire State Building in conjunction with the estate of Leona Helmsely.
Brandy Bergman, a spokeswoman for Malkin Holdings, declined to comment beyond the filing.
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