Empire State Building owner raises $929.5 mn in IPO

Empire State Building owner raises $929.5 mn in IPO New York: New York City's iconic Empire State Building has went public as part of a real estate trust traded for the first time on the New York Stock Exchange.

The Empire State Realty Trust, which owns the landmark skyscraper and 17 other buildings in the New York area, closed 10 cents higher (0.8 percent) at USD 13.10 after being introduced to the markets at an IPO price of USD 13 a share Wednesday. Shares traded as high as USD 13.49 earlier in the day.

The company sold 71.5 million shares raising USD 929.5 million. It said it may offer an additional 10.7 million shares in the next 30 days.

The trust trades under the "ESRT" ticker.

The Malkin family, which controls the Empire State Building, filed initial papers to take the venture public in February 2012. However, the effort was delayed for several months due to legal wrangling.

At 381 metres (1,250 feet) and 102 floors, the Art Deco-style building is one of New York City's most popular tourist destinations and the city's second tallest building since the May 2013 opening of One World Trade Center, which reaches 541 metres.

It was the world's tallest building from its opening in 1931 until 1974, when the 442-metre Sears Tower was completed in Chicago.

AFP