NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (the "Company" or “Empire”), a Maryland corporation organized to qualify as a real estate investment trust that will own, manage, operate, acquire and reposition office and retail properties in Manhattan and the greater New York metropolitan area, today announced that it has commenced an initial public offering of 71,500,000 shares of its Class A common stock, par value $0.01 per share. The initial public offering price is currently expected to be between $13.00 and $15.00 per share. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 10,725,000 shares of Class A common stock from the Company at the initial public offering price. The shares of Class A common stock have been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the symbol "ESRT."
The Company intends to use the net proceeds from the offering to fund certain formation transaction costs and fees, repay existing loans and make cash payments to holders of interests in the existing entities, including the Helmsley estate.
Goldman, Sachs & Co. and BofA Merrill Lynch will act as joint book-running managers for the offering. The offering of these securities is being made only by means of a prospectus. Copies of the preliminary prospectus can be obtained from:
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Prospectus Department
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BofA Merrill Lynch |
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A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Empire State Realty Trust
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.
Forward-Looking Statements
This press release includes “forward looking statements”. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The information in this press release contains forward-looking information that involves substantial risks and uncertainties regarding the proposed initial public offering by the Company. Such risks and uncertainties include, among other things, the possibility that the initial public offering will not be completed within a particular time frame or at a particular offering amount, or at all, including as a result of regulatory, market or other factors. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in the Company's prospectus relating to the initial public offering, including those set forth under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business and Properties."While forward-looking statements reflect the Company's good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company's future results, performance or transactions, see the section entitled “Risk Factors” in the prospectus relating to the initial public offering, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).