By Sarah Trefethen
Malkin Holdings wants to go ahead with the IPO of a portfolio of New York buildings that includes the Empire State Building, but unsolicited bids on the iconic tower keep coming in.
In the latest flurry of activity, Malkin, which manages the properties on behalf of a large group of stakeholders, reported to the Securities and Exchange Commission on Friday that it had decided to go ahead with the IPO in spite of a number of offers for the ESB and one offer for One Grand Central Place.
According to the filing, the firm engaged Lazard Frères & Co. as an independent financial advisor.
“After our review, we have concluded that it is in your best interest to proceed with the consolidation and IPO as approved by a supermajority of the Participants,” the filing said. But the IPO isn’t in the clear yet. Not only is there still a court case pending with a group of dissident ESB stakeholders, but a source familiar with the situation reports that Joe Sitt’s Thor Equities, which previously offered more than $2 billion for the building, has now made an offer of $1.4 billion for Empire State Building Associates L.L.C., which owns the ground lease.
A Malkin Holdings spokesperson declined to comment.