UPDATE 1-Duff & Phelps to sell 2.5 mln Class A shares

* Use proceeds to redeem Duff & Phelps Acquisitions units

* Goldman Sachs sole underwriter

Nov 4 (Reuters) - Financial advisory and investment banking firm Duff & Phelps Corp (DUF.N: Quote, Profile, Research) said it will sell 2.5 million Class A common shares and use the proceeds to redeem certain of the units in Duff & Phelps Acquisitions LLC.

The company said the unit holders who elect to be paid with the proceeds will agree to a 90-day lock-up period after the date of the prospectus supplement for the offering.

Unit holders who elect not to be redeemed with the proceeds from the offering may exchange their units for an equal number of shares of Class A common stock on Nov. 16, the company said in a statement.

Goldman Sachs & Co. is the sole underwriter for the offering, the company said.

On Tuesday, the company posted third-quarter adjusted profit that missed market estimates by a cent, hurt by a drop in financial advisory revenue. [ID:nBNG519503]

Shares of the company closed at $16.27 Wednesday on the New York Stock Exchange. (Reporting by Archana Shankar in Bangalore; Editing by Unnikrishnan Nair)