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In October 2013, Empire State Realty Trust Inc., headed by Anthony E. Malkin, completed its IPO, the second largest of its kind in REIT history and Time magazine's second most important IPO of 2013 (#1 was Twitter). The offering included more than 82.2 million shares of its class A common stock at a public offering price of $13.00 per share, representing an interest in a portfolio that includes the Empire State Building. In all, at the time of closing, Empire State Realty Trust's portfolio totaled 8.4 million square feet, which through acquisitions on July 15, 2014, expanded to 10 million square feet.
Malkin sat down with EY's Global Real Estate, Hospitality and Construction Leader Howard Roth to discuss the path to public status and the benefits shareholders are receiving as a result.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
