New York’s family-controlled Empire State Building – the skyscraper immortalised in films such as King Kong and Sleepless and Seattle – is set to be publicly listed as part of a real estate investment trust priced upwards of $1 billion (€740 million).
According to a regulatory filing made on Thursday, the Empire State Realty Trust, controlled by Malkin Properties, plans to launch an initial public offering of 71.5 million shares at $13 to $15 apiece.
The Malkin family’s interest in the iconic slice of New York’s skyline dates back to the early 1960s when Lawrence Wien created Empire State Building Associates, and sublet the property to the Empire State Building Co, owned by himself and real estate magnate Harry Helmsley. Over time the company bought the land associated with the property.
The property was passed on to Wien’s son-in-law, Peter Malkin, and grandson, Anthony Malkin, following his death in 1988.
Anthony is the current chairman and chief executive of the real estate investment trust.
The move to list the property portfolio has taken almost two years as the process was stalled by a small group of investors, several of which took legal action to block the move.
The art deco building was constructed in 1931, and until the completion of the World Trade Center towers in 1972 was the tallest building in the world. Following the 9/11 attacks in 2001 it was temporarily the tallest building in New York, but could no longer lay claim to being the tallest in the world. Last year the replacement One World Trade Center surpassed it as the city’s tallest structure.
The Malkin family have been investing in office, retail and residential property since 1934.