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Shares To Be Sold In Empire State Owner

ByFX Solutions
AuthorJames Chen
Published 09/20/2013, 06:07 AM
Updated 01/01/2017, 02:20 AM

Empire State Realty Trust – the owners of the Empire State Building – has announced plans to sell shares in the company.

It was revealed in paperwork filed with regulators that the firm is hoping to raise $1 billion (£623 million) from listing on the New York Stock Exchange.

Some 71.5 million shares are expected to be offered at a price of between $13 and $15 each, with the final cost to be announced at the start of next month.

Barrett Browd, who owns units in the Empire State Building, stated that he is pleased with the development. He added: "I felt that it was a good time to cash in."

This is the latest big initial public offering to be announced in the US in the last few weeks. Earlier in the month, Twitter revealed via a tweet posted on the social networking site that it is moving forward with plans to float the company on the stock market.

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