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The Boston Globe

Business

Empire State Building stakeholders OK IPO plan

NEW YORK — The company that owns the Empire State Building is a step closer to going public. More than 80 percent of shareholders approved a plan to turn the privately held company into a publicly traded real estate trust.

The plan, spearheaded by father-and-son real estate magnates Peter and Anthony Malkin, could raise up to $1 billion by selling stock in a new company, Empire State Realty Trust, that would include the Malkins’ holdings in Manhattan and Connecticut.

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