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Empire State Building owners plan an IPO

February 13, 2012|By David Colker
  • Soon investors will have a chance to own a piece of the Empire State Building, immortalized in the 1933 movie "King Kong."
Soon investors will have a chance to own a piece of the Empire State Building,… (Associated Press )

Word is that King Kong is on top of this IPO.

The owners of the famed Empire State Building in New York are planning an initial public offering that could raise as much as $1 billion toward making upgrades to the 1931 structure that was once the tallest building in the world.

Empire State Reality Trust Inc. said in a regulatory filing that about $65 million of the money will be used to complete planned renovations of the 102-story building that claims to be the most famous office building in the world. Otherwise, according to the Associated Press, the company plans to use investors’ money to pay off loans and for possible future acquisitions, among other matters.

The company owns and operates 12 properties in the New York area.

One of the reasons that the building is so famous is its observation deck, which is a must-stop for tourists from around the world. And of course, there was the matter of the giant ape that climbed up outside of the building in the landmark 1933 “King Kong” movie.

Here’s hoping that investors in the company, which plans to trade on the New York Stock Exchange under the ESB ticker symbol, don’t meet the same fate, financially speaking.

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