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Clifford Chance, Hogan Lovells and Proskauer Rose are advising on the IPO of New York’s Empire State Building, which now looks set to go ahead after more than a year of wranglings with investors.
Malkin Holdings, which controls the iconic Manhattan skyscraper, issued an SEC regulatory filing confirming it has received the 80 per cent approval needed from its owners for the float to happen.
The edifice and other nearby buildings will be amalgamated into a real estate investment trust called Empire State Realty Trust, which will be traded on the New York Stock Exchange.
Malkin has instructed a Clifford Chance team in New York for the IPO comprising capital markets partners Larry Medvinsky and Jason Myers and tax partner Richard Catalano. US firm Proskauer is also advising the company, fielding Manhattan corporate and securities partner Arnold Jacobs. It is also taking in-house advice from Malkin and Empire State Realty Trust general counsel Thomas Keltner.
Hogan Lovells has won the role for underwriters Bank of America Merrill Lynch and Goldman Sachs, putting forward Washington DC corporate partner Stuart Barr.
Background to this deal:
The green light for the listing only came following objections from certain investors, who unsuccessfully sued in a bid to block the deal under advice from Meister Seelig & Fein New York partner Stephen Meister.