New York • The company that runs Manhattan’s Empire State Building is planning an initial public offering that could raise as much as $1 billion.
Empire State Realty Trust Inc. owns and operates 12 properties in Manhattan and the greater New York metropolitan area.
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The company didn’t say in its regulatory filing Monday how many shares might be involved in the IPO or what price they might fetch. The $1 billion amount isn’t final, either. It’s subject to investor demand.
Empire State Realty said it plans to use the offering’s net proceeds to pay certain investors, repay loans, cover the expenses of the IPO and the company’s formation last summer, and for general purposes and possible future acquisitions.
Empire State Realty’s predecessor is Malkin Holdings LLC, which disclosed in a filing with the Securities and Exchange Commission in November that it was considering the possibility of a publicly traded real estate investment company.
The company has been renovating its properties, and said that it needs $55 million to $65 million beyond 2013 to finish upgrades at the Empire State Building.
The Empire State Building, a 102-story tower completed in 1931, is famous for its rooftop view and for its role as the building that a giant ape scaled in the 1933 film "King Kong."
Empire State Realty expects to trade on the New York Stock Exchange under the "ESB" ticker symbol.
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