Wednesday, December 14, 2011

Empire State Building to Go Public?


There is a chance, that by March of 2012, Malkin Holdings LLC (the Empire State Building controller) may start the official process of becoming a publicly-traded real investment trust.  This building is a true landmark of Midtown Manhattan, spanning 102-stories and is perhaps one of the first places visitors flock to see. 

According to Empire State Buildings Associates LLC, the process the company is currently undergoing could result in documentation being filed with the Securities and Exchange Commission in the not-too-distant future.

Boosting Business in Midtown Manhattan

Should this go ahead, it would be great for business. If it happens, it will mean investors will be able to purchase a piece of one of the most well-known buildings in the Big Apple.  As well, according to Green Street Advisors, Inc., over the last couple of years, property prices in offices in the Midtown Manhattan area have increased 87 percent.

So we say, more power to you ESB!

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