Empire State Realty Trust names proposed board members

Reuters News
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Posted: Sep 06, 2012 7:58 PM
Empire State Realty Trust names proposed board members

By Ilaina Jonas

NEW YORK (Reuters) - The group leading the effort to create a publicly traded company with the Empire State Building as its centerpiece named a half dozen independent directors to join its future board, according to a regulatory filing on Thursday.

Empire State Realty Trust Inc's group of proposed directors includes a slate of commercial real estate veterans such as Thomas DeRosa, the former vice chairman and chief financial officer of the Rouse Co, according to the filing.

The proposed real estate investment trust will not have a staggered board, the filing said. Instead, six of the seven board members will be independent. Anthony Malkin, president of Malkin Holdings LLC, which has proposed the REIT, will become chief executive officer and chairman of the board. All board members will face annual re-election, the filing said.

The proposed REIT will include 19 properties in all, 18 buildings and one development site. Most of the properties are in Manhattan or Connecticut.

The IPO will be a two-step process for the board. First, the company must get the approval of the investors of properties. All but three have given the plan the green light. The remaining three buildings, including the Empire State Building, have enough investors that they are required to file documents with the U.S. Securities and Exchange Commission. The regulator must first approve the documents before they are sent to the voters.

At least 80 percent of the more than 2,800 investors in the Empire State Building must approve the plan before an IPO can occur.

In addition to DeRosa, the board nominees include:

* William Berkman, managing partner of Associated Partners LP and Liberty Associated Partners LP private investment funds, which focuses on communications infrastructure including towers for wireless services

* Alice Connell, managing principal for Bay Hollow Associates LLC, a commercial real estate consulting firm. Connell is the former managing director, head of Portfolio Strategy and Management for pension fund TIAA-CREF's Commercial Mortgage and Private Equity Real Estate Fund portfolio.

* Steven Gilbert, chairman of private equity fund Gilbert Global Equity Partners LP

* Michael Giliberto, an investment management consultant and former director of Portfolio Strategy and Senior Portfolio Manager at J.P. Morgan Asset Management

* Lawrence Golub, chief executive office of Golub Capital, a credit asset manager. He also served as managing director of Wasserstein Perella Co Inc, where he established that firm's capital markets group and debt restructuring practice.

(Reporting by Ilaina Jonas, Editing by G Crosse, Gary Hill)