After a lot of controversy, debate and delay on the decision to roll the iconic Empire State Building into a public real estate investment trust (REIT), Malkin Holdings LLC, the company that manages the building announced Friday that they will be proceeding with the Initial Public Offering (IPO) plan. They have rejected all the bids that were offered to buy the portfolio, according to several news reports.
The Empire State Building in New York City is one of the most iconic and legendary structures of the country. Nothing about it is mediocre. Therefore, when Malkin Holdings LLC, the company that manages the building, decided to roll it into a public Real Estate Investment Trust (REIT), an equally controversial series of events followed. Since the Malkins victory over the opposing shareholders, continuous bids to purchase buildings part of the portfolio have been pouring in. Many affluent developers and investors have been betting some good cash on the Empire State Building alone.
