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Erez Asset Management builds 5.8% stake in ESRT
Erez disclosed buying 10 million shares, and has started urging ESRT leadership to consider selling all or part of its 8 million-square-foot Manhattan portfolio.
An activist investor has taken a position in Empire State Building Trust, with Erez Asset Management disclosing it acquired 10 million shares, representing a 5.8 percent stake in ESRT, according to Commercial Observer. The article says Erez has begun pressing ESRT leadership to sell some or all of its roughly 8 million-square-foot Manhattan portfolio, which includes assets such as the Empire State Building, 1400 Broadway, and 1 Grand Central Place. Commercial Observer also notes the move is likely unwelcome for ESRT CEO and controlling shareholder Tony Malkin. It adds that ESRT shares have fallen nearly 60 percent over the past two years and trade around $4.40 per share. Erez plans to hold discussions with ESRT management and board members about governance, the report says.