Empire State Building REIT raises nearly $1 billion in IPO

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A real estate investment trust (REIT) with a portfolio of properties that includes the Empire State Building made its debut as a publicly traded company today after raising $929.5 million in an initial public offering — the second-biggest ever for a U.S. REIT, Bloomberg News reports.

Empire State Realty Trust Inc. sold 71.5 million shares at $13 each Tuesday, and climbed 2.5 percent in early trading today. Source: bloomberg.com