Categories: OLD Media Moves

Unit of Forbes stops paying rent on building

Craig Karmin of The Wall Street Journal reports that a unit of Forbes — a completely separate non-Forbes Media entity — has stopped paying rent on a Fifth Avenue building space (90 Fifth Ave.) in Manhattan.

Karmin writes, “Because of those missed payments, Atlanta-based real-estate investor Jamestown is likely to walk away from an agreement to acquire the building for about $115 million, these people say. Forbes stopped paying its rent shortly after Jamestown agreed to buy the property in July, people say.

“Forbes Media spokeswoman Mia Carbonell declined to comment on whether or not a Forbes unit had missed rent payments at the building.

“But she said Forbes Media ‘is on solid financial footing, and the company is profitable.’

“The building is owned by New York real-estate developer RFR, which is exploring legal options, according to a person with knowledge of the situation.

“Forbes moved its online staff, video team and other employees out of the building a while ago. But it still has a lease there that runs to 2020 for about 110,000 of the building’s 140,000 square feet, people said.

“A unit of Forbes Inc. has been paying roughly $8 million a year to rent the space, said a person with knowledge of the property. That price is above market for that part of the city, some brokers said.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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