Business Publisher Forbes Bumped from Landlord to Tenant

Publisher Forbes (FORBES, FORBESWOMAN) has sold its flagship Manhattan headquarters at 60 Fifth Avenue to New York University.  Rumors place the sale at $55 million, considerably lower than the original asking price of $140 million when the 145,000-square-foot building was first placed on the market in 2007.

Forbes won’t be moving anytime soon though; the company will remain in the building, which they moved into in 1962, as a tenant with a five-year lease.  But, after seeing ad pages drop 30% in 2009, Forbes laid off approximately 100 employees and has been selling off assets – including its wine collection.

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