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Old February 17th, 2012, 09:46 PM   #21
hkskyline
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Empire State Building seeks $1B IPO
New York Post
Posted: 12:21 AM, February 14, 2012

For the owners of the Empire State Building, the sky’s the limit.

The company that runs Manhattan’s most famous skyscraper, along with 11 other office properties, plans to sell shares to the public in a bid to raise a lofty $1 billion.

The Empire State Realty Trust, led by father-and-son duo Peter and Anthony Malkin, will list its shares on the New York Stock Exchange under the ticker symbol “ESB,” according to a regulatory filing yesterday.

While tourists and New Yorkers will still be unable to buy the Brooklyn Bridge, they will be able to sink their wallets into the iconic 102-story Depression-era skyscraper that draws more than four million visitors a year and has posted double-digit annual gains of visitors to its famous observatory over the past decade.
Owen Hoffmann
Owner Peter Malkin

“It’s a good time for people to be selling trophy assets, especially in New York,” said Manus Clancey, a managing director at commercial real-estate data provider Trepp.

“We’ve seen a terrific run-up in valuations the last few years and trophy properties are probably within 10 percent of where they were three to four years ago,” he said.

While the landmark is one of the most recognizable in the world — immortalized in films such as “An Affair to Remember” and “Sleepless in Seattle” — the papers for the planned public offering revealed some little known tidbits about the Art Deco gem.

For instance, the observatory is more than just a tourist destination: it’s also the largest single revenue generator. — everyone, it seems, from King Kong to lovers today celebrating Valentine’s Day, want to see the Big Apple from high above.

According to the filing, the observatory has generated more revenue than the skyscraper’s base rents over the last two years. During the nine months ended Sept. 30, the observatory brought in $62.9 million in revenue, while minimum rental revenue was $52.9 million.

Even when including extras like fees and tenant reimbursement, the observatory represented about 42 percent of the building’s total revenue since 2010, according to the IPO papers.

When adding up all the Malkin’s 12 rental properties, the soaring venue remains a key asset, representing 16.5 percent of the company’s pro forma revenues over the past two years. It is such a big earner the company anticipates that it will be “a separate accounting segment” following the IPO.

Before breast-beating over the deal, however, investors will want to weigh the risks, including potential observatory competition from the construction under way at One World Trade Center — a property that took the tallest title once before when the first tower was completed in 1972.

The Malkins also plan to stuff their new real-estate investment trust with 11 other office buildings in New York and Connecticut, or a total of 7.7 million square feet.

The REIT will consist of two share classes. Public shareholders will be restricted to Class A shares while Class B shares will retain 50 percent of the voting power.

Read more: http://www.nypost.com/p/news/busines...#ixzz1mfbbW600
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Old February 4th, 2013, 07:34 PM   #22
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UPDATE 2-Sony sells New York HQ for highest-priced US bldg in two years

NEW YORK/TOKYO, Jan 18 (Reuters) - Japan's Sony Corp said it would sell its U.S. headquarters building in New York City for $1.1 billion, the highest price paid for a single U.S. office building in two years, to a consortium led by real estate developer The Chetrit Group.

The sale of Sony's U.S. headquarters attracted more than 20 bidders including Vornado Realty Trust, Mortimer Zuckerman's Boston Properties as well as Mitsubishi Trust, Mitsui Fudosan.

The final round shrank the number of bidders to eight, a source familiar with the deal said. The financing has yet to be settled, the source said.

The price was the highest paid for a single U.S. office building since Google bought a 111 Eighth Ave. in Chelsea for $1.8 billion or roughly $620 per square foot at the end of 2010.

The Sony building, located in the pricey "Plaza District", is about 820,000 square feet, making the cost roughly $1,341 per square foot. Some of that footage includes retail space that commands higher rents.

A team of brokers lead by Doug Harmon of Eastdil Secured LLC brokered both the Sony and Google sales.

"While the sale is expected to close in March, we are entering into a three-year leaseback agreement, which means we expect to remain at 550 Madison until our eventual relocation," Nicole Seligman, president, Sony Corp. of America, said in a memo to employees, a copy of which was obtained by Reuters.

Among U.S. real estate investors, Joseph Chetrit keeps one of the lowest profiles, but his purchases have often been high profile, including the former Sears Tower in Chicago and the Chelsea Hotel.

The Sony building, located on Madison Avenue between 55th and 56th St., was constructed in the early 1980s by the once mighty AT&T, once the largest U.S. corporation before the U.S. Department of Justice pressured it to break up into smaller companies.

Sony bought the building in 1992 for $236 million. The lavish Sony building, with its high ceilings, provides opportunities to redevelop part of the building as a hotel or apartments, space that now commands higher prices than offices.

After repayment of debt related to the building and other transaction costs, Sony said it is expected to receive net cash proceeds of about $770 million. A gain on the sale of about $685 million would be recorded as operating income, it added.

Under new Chief Executive Kazuo Hirai, Sony is focusing on consumer electronics - particularly mobile phones, tablets and gaming - and shedding non-core assets as it seeks to regain ground against rivals like Samsung Electronics Co and bounce back from four consecutive years of net losses.

The company has also put one of its main buildings in central Tokyo up for sale in a deal that could raise as much as 100 billion yen ($1.14 billion), sources told Reuters earlier this month, and is considering the sale of its battery business.

Sony and Japan's other big consumer electronics makers are resorting to asset sales to boost their finances as they fight to end losses at their television units, hammered by competition from South Korean rivals led by Samsung Electronics Co Ltd .

Sony, Panasonic Corp and Sharp Corp also plan to offload buildings and businesses in a garage sale that could raise a combined $3 billion over the next few months.

The fixed assets - buildings, land and machinery - of the three companies total around $42 billion, exceeding their combined market value of $32 billion.

Sony's shares gained 6.7 percent in Tokyo to 1,093 yen, compared with a 2.2 percent gain in the benchmark Nikkei 225 index.
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Old February 6th, 2013, 12:57 AM   #23
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Phillip Johnson is so money.
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