Skyscrapers in Manhattan typically offer spectacular views from high floors, but not always great wireless reception, which can be problematic in buildings higher than 20 stories.
The Empire State Building, however, will soon be a notable exception, thanks to a new agreement with ExteNet Systems, Inc.
ExteNet will design, own and operate the distributed wireless network that will enable reliable coverage for Verizon Wireless and Sprint customers from the ground floor up to the 102nd floor. Service is slated to go live in Spring 2014.
“Throughout our portfolio, our mandate is to offer our tenants the best technological solutions in a state-of-the-art business environment,” said Anthony Malkin, president of Malkin Holdings, L.L.C., which supervises the Empire State Building.
“Our portfolio’s hallmarks are redundant broadband, energy efficiency, and fully modernized building systems. Many employees and executives simply don’t use hard-wired phones, and we see the ExteNet offering as central to our building’s turn-key capabilities.”
ExteNet president and CEO Ross W. Manire stated, “The Empire State Building is an American landmark and a prestigious Class A facility. We are excited to design, deploy and operate our next generation wireless network at the Empire State Building.”
Malkin Holdings announced last week it wants to go ahead with the IPO of the portfolio of New York buildings that includes the Empire State Building. The company, which manages the properties on behalf of a large group of stakeholders, reported to the Securities and Exchange Commission that has hired a Lazard Frères & Co. as an independent financial advisor and reviewed several offers made for the ESB.
“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.