Skip to content
Subscriber Only

Empire State Realty Trust Sued Over Plan to Become REIT

Empire State Realty Trust Inc., the company that controls the Empire State Building, was sued by an investor over its plan to become a real estate investment trust and sell shares on the New York Stock Exchange.

The company said on Feb. 13 that it plans to raise as much as $1 billion in an initial public offering, giving investors the opportunity to own a piece of the landmark 102-story Manhattan skyscraper. A group of closely held companies will be consolidated to form the REIT as part of the IPO, according to regulatory filings.