Forbes has sold its headquarters building in the Greenwich Village section of New York to New York University, according to Russell Adams of The Wall Street Journal.
Adams writes that the deal is “part of the Forbes family’s continuing efforts to offset steep advertising declines at its namesake magazine.
“In the transaction, whose financial terms weren’t disclosed, Forbes Media LLC will remain in the building as a tenant under a five-year leaseback agreement.
“The building, in Greenwich Village, was constructed in 1924 for book publisher Macmillan & Co. It was designed by Carrere & Hastings, the firm responsible for the New York Public Library and the Frick Museum. Forbes moved into the building in 1962 when Macmillan moved uptown.
“Like a number of other business magazines, Forbes has endured a difficult stretch. The recession eroded advertising, and readers have migrated to the growing number of online sources for business news.”
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