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Empire State Realty Trust, Inc., a self-administered and self-managed real estate investment trust which owns the iconic Empire State Building opened for trading today on the New York Stock Exchange under the ticker symbol (NYSE:ESRT) after its initial public offering.
Empire State Realty opened at $13.05 after pricing 71,500,000 shares of its Class A common stock at $13.00 per share.
Barclays is the Designated Market Maker for the company’s stock. Chairman, CEO and President Anthony Malkin, accompanied by members of Empire Realty Trust’s leadership team, celebrated the company’s first day of trading by ringing the famous NYSE Opening Bell and visiting the trading floor to observe the stock opening.
Empire State Realty Trust, Inc. was formed to continue and expand the commercial real estate business of Malkin Holdings LLC and its affiliates. The company is a self-administered and self-managed real estate investment trust, or REIT, that will own, manage, operate, acquire and reposition office and retail properties in Manhattan and the greater New York metropolitan area.
Upon completion of the offering and related formation transactions, the company will own approximately 8.4 million rentable square feet. Seven office properties are in midtown Manhattan, including the Empire State Building, the world’s most famous office building. The other office properties are located in Fairfield County, Connecticut and Westchester County, New York.
The company’s portfolio will also include six retail properties representing approximately 205,000 rentable square feet located in Manhattan and in the city center of Westport, Connecticut. The company also will have an option to acquire from affiliates of its predecessor two additional Manhattan office properties encompassing approximately 1.5 million rentable square feet of office space and over 150,000 rentable square feet of retail space at the base of the buildings and also will own entitled land at the Stamford, Connecticut Transportation Center that will support the development of an approximately 380,000 rentable square foot office building and garage.
