Empire State Building IPO could simplify complex ownership structure, advocates say

03/8/2012 | Real Estate Weekly (New York)

Although a group of investors led by Leon M. Myers has sued to stop the planned public offering of the Empire State Building owner, advocates of the deal argue that the IPO is necessary to simplify the complex ownership structure. The REIT would also include properties elsewhere in Manhattan and the New York metropolitan area. "It's not unusual for a REIT to start out in a specific geographic area and branch out later on," said NAREIT's Brad Case.

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