Empire State Realty Trust, a REIT operating 12 properties, including the Empire State Building, in the greater New York City area, announced terms for its IPO on Thursday. The New York, NY-based company plans to raise $1.0 billion by offering 71.5 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Empire State Realty Trust would command a fully diluted market value of $3.4 billion.
Empire State Realty Trust, which was founded in 2011 and booked $265 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol ESRT. Goldman Sachs and BofA Merrill Lynch are the joint bookrunners on the deal.
