Empire State IPO prices at $13/shr, low end of range -source

Reuters

By Ilaina Jonas

NEW YORK, Sept 30 (Reuters) - The company that owns New YorkCity's Empire State Building skyscraper priced its initialpublic offering at $13 a share on Tuesday, an underwritingsource said, a price on the low end of the expected range of $13to $15 a share.

At that price, Empire State Realty Trust Inc raised$929.5 million by pricing 71.5 million shares as planned.

Bank of America Corp and Goldman Sachs & Co,were lead bankers on the deal. The shares are expected to tradeWednesday under the symbol "ESRT" on the New York StockExchange.

The landmark building in Manhattan opened in 1931 during theGreat Depression. At 102 stories, it stood as the world'stallest building until its lost its title in 1972 to the WorldTrade Center's North Tower. The realty trust also owns otherbuildings in Manhattan and Connecticut.

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