Empire State Realty Trust went public, raising $1.1 billion, representing the second largest REIT IPO in history at the time.The transaction involved the roll-up of certain partnerships owning office and retail properties in Manhattan and the New York City metropolitan area, the internalization of the property leasing and management company, and ultimately, the initial public offering of stock of a newly formed REIT.
Duff & Phelps' Role
Duff & Phelps served as independent financial advisor to Malkin Holdings and provided relative valuations and rendered a fairness opinion in the transaction.
About Empire State Realty Trust
Empire State Realty Trust is a commercial real estate investment company and owner of the Empire State Building, operates as an owner, operator, acquirer, financier, developer, builder, and fiduciary for investment partners and financial institutions. The Company manages properties valued in excess of $5 billion.