Empire State shares climb in market debut

City A.M. Reporter
SHARES of Empire State Realty Trust, owner of the Empire State Building, climbed in their first day of trading yesterday as investors bet the marquee property will be able to attract more tenants as New York’s technology sector continues to grow.

The shares, which were initially sold late Tuesday at $13 a piece, rose as high as $13.49 before easing back to $13.10, up 0.8 per cent, on the New York Stock Exchange. With the company’s nearly $930m (£573m) offering, investors are valuing it at about $3.2bn.

Empire State Realty Trust owns the skyscraper and 18 other properties in New York and Connecticut. The portfolio’s office space is 17 per cent vacant, but some investors believe the vacancy rate will fall, boosting the trust’s leasing income.