Empire State Realty Trust IPO announced

Apparently the rumors are true. Bloomberg reported this morning that a $1 billion IPO for Empire State Realty Trust was announced that would "consolidate a group of closely held companies" (Empire State Building Associates, 60 East 42nd St Associates, and 250 West 57th St Associates) with Malkin Holdings LLC as the supervisor. Bank of Amerrilwide and Goldman are the co-leads.

Empire State Building REIT?

I missed this article late November, but apparently the Malkins are planning to try out a REIT structure ("only the little people pay taxes", right?). It's not clear if this is an exit strategy for them or part of a plan to expand their empire, of which the Empire State Building represents approximately 25%.