A provision of a plan to take properties including New York’s Empire State Building public, which allowed the owners of the skyscraper to buy out investors who didn’t vote for the deal, was upheld by a state appeals court.
The Empire State Building’s managers were sued over claims they deprived thousands of early investors of as much as $410 million in profit when they took the New York skyscraper public as part of a group of properties.
A 15-month effort to take New York’s Empire State Building public is approaching a crucial ruling in a legal challenge by investors who oppose the deal put together by the family that controls the iconic skyscraper.
Kirkland & Ellis LLP represented Madison Dearborn Partners LLC in its $1.6 billion purchase of hospital therapy provider Ikaria Inc. Fried, Frank, Harris, Shriver & Jacobson LLP and Wilmer Cutler Pickering Hale & Dorr LLP represented Hampton, New Jersey-based Ikaria.
Empire State Realty Trust Inc., whose properties include Manhattan’s Empire State Building, filed to raise as much as $1.07 billion as it proceeds with one of the largest initial public offerings of a U.S. real estate investment trust.
Rubin Schron, a New York real estate investor, offered to buy the Empire State Building for $2 billion in cash as the skyscraper’s supervisor prepares to make it the centerpiece of an initial public offering.