Goodwin represented Empire State Realty Trust, Inc. (NYSE: ESRT), a real estate investment trust with office and retail properties in Manhattan and the Greater New York metropolitan area, in the acquisition by an affiliate of the Qatar Investment Authority of a 9.9% fully diluted interest in ESRT for $622 million in cash.
Empire State Realty Trust, a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the Greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the company’s office and retail portfolio covers 10.1 million rentable square feet, as of June 30, 2016.
Qatar Investment Authority was founded by the State of Qatar in 2005 to strengthen the country’s economy by diversifying into new asset classes. Building on the heritage of Qatar investments dating back more than three decades, its growing portfolio of long-term investments helps complement the state’s huge wealth in natural resources.
The Goodwin team advising Empire State Realty Trust was led by partner Yoel Kranz and associates David Perechocky, Tiffany Williamson and Jacob Herman (Real Estate Industry) with assistance from partners Neal Sandford and Ed Glazer and associate Todd Pollock (Tax).
For more information on the transaction, please view Empire State Realty Trust’s press release.