Thor Equities bids $1.4bn for the Empire State Building

Thor Equities bids $1.4bn for the Empire State Building

Thor, one of New York City’s largest landlords, has offered to buy Empire State Building Associates LLC, which owns the land, the building and the master lease on the historic tower, for $ 1.4bn in cash, significantly higher than the $ 1.18 billion the limited liability company is estimated to be worth should it become part of a publicly traded real estate investment trust.

The firm is hoping to trump a plan to roll the property into a trust, Reuters reported.

The skyscraper and its investors are managed by Malkin Holdings LLC, which spearheaded a plan to roll up the iconic building into a real estate investment trust, called Empire State Realty Trust Inc, containing more than 18 properties.

The 102-storey central Manhattan skyscraper, completed in 1931, has been appraised at $ 2.53bn, according to filings with the US Securities and Exchange Commission.

Thor, along with Meyer Bergman, bought Burlington Arcade in 2010 for £104m. The popular shopping destination, located in the West End, was built in 1819 and is London’s first covered retail street. It was Thor’s first acquisition in the UK.

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