Empire State Building may be part of new REIT

Malkin Holdings, the agency that manages the famous 102-story Empire State Building, is considering making the property the center of a new public real estate investment trust early next year.

"[We're] on a course of action that could result in the company becoming part of a newly formed public REIT," Malkin Holdings said in a statement.

Malkin Holdings oversees the property management of the skyscraper, which has approximately 2.9 million square feet of office space. In total, Malkin and its partners manage over 10 million square feet of CRE in Manhattan, Westchester County and Fairfield County in Connecticut, Bloomberg reports.

According to the news source Malkin is in the process of filing with the Securities and Exchange Commission that would allow investors to acquire shares of one of the premiere and history American skyscrapers.

Recently New York City was ranked by Savills as the number one commercial real estate market in the world, and Green Street reveals that Midtown Manhattan has seen its office prices grow nearly 90 percent since the middle of 2009.