Jan. 15 (Bloomberg) -- Forbes Media LLC, known for documenting the wealth of billionaires around the world, is leaving its Manhattan headquarters building and taking offices across the Hudson River in New Jersey.
The publisher, which in November hired Deutsche Bank AG to explore a sale of its almost century-old brand, will leave 60 Fifth Ave., its home in Greenwich Village since 1962, by the end of the year, according to Mia Carbonell, a company spokeswoman. Forbes is taking space near the waterfront in the Newport section of Jersey City and looking for new offices in Manhattan, she said.
“We’re in the process of determining how to maximize both resources,” Carbonell said in an e-mailed statement.
Forbes, which publishes its namesake magazine and operates Forbes.com, sold its Manhattan building to New York University in 2010 and leases space there under an agreement that expires at the end of this year. In a memo to employees, Forbes Chief Executive Officer Mike Perlis said the company settled on the move to Jersey City, one stop on the PATH train from the company’s current location, after a “thorough search of the New York marketplace.”
The company will relocate 350 employees to the Newport offices, Jersey City Mayor Steven Fulop said in a statement.
The New Jersey Economic Development Authority yesterday approved Forbes for $27 million in tax credits under its Grow New Jersey Assistance Program, Governor Chris Christie’s initiative to draw businesses to the state and boost job creation. Under the agreement, Forbes will make at least $3.72 million in capital improvements to the Jersey City building, where the company is taking 93,000 square feet (8,640 square meters) of offices.
In a project summary detailing the tax credits, the NJEDA said Forbes was considering office space in Brooklyn and that the financial incentives provided by New Jersey were key to making the deal work for the media company.
Asking rents on the Hudson River waterfront in New Jersey, an area that includes Jersey City, averaged $37.98 a square foot in 2013, according to Cushman Wakefield Inc. Manhattan’s average was $63.40 a square foot.
Forbes, founded in New York in 1917, is in the “final stages” of settling on new space in New York, Perlis said in the memo. Maintaining an office in Manhattan would “ensure we stay close to advertising clients, customers and content sources, and have the capacity to hold meetings, facilitate face-to-face engagement and continue and entertain and host events,” he said.
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