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Boston skyscraper for sale: ETRE REIT LLC sets terms for $173 million IPO

July 9, 2015

ETRE REIT LLC, which was formed to own an interest in State Street's headquarters building in Boston, MA, announced terms for its IPO on Thursday.

The New York, NY-based company plans to raise $173 million by offering 11.5 million shares at a price of $15. At that price, ETRE REIT would command a fully diluted market value of $354 million.

ETRE REIT LLC, which was founded in 2014 and booked $71 million in pro forma sales for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol ESSF. Sandler O'Neill, Evercore Partners and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of July 20, 2015.