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Empire State Building Owner Raises $930M In IPO

Law360, New York (October 2, 2013, 3:54 PM EDT) -- The real estate investment trust that owns the Empire State Building raised $929.5 million in its stock market debut after pricing shares on the low end of the projected range, ending a dispute between the skyscraper's controlling owners and longtime investors over the share offering.

Empire State Realty Trust Inc. sold 71.5 million shares at $13 a pop, the bottom bookend of the $13- to $15-per-share range previously outlined by the New York firm. The stock kicked off Wednesday trading with a jump to nearly $13.50, but eventually mellowed to around $13.20 in afternoon trading.

In the transaction, public investors had...

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