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Forbes HQ Building Sale Could Net $140 Million
The Forbes family has put its historic Manhattan headquarters building up for sale and it’s expected to fetch around $140 million. The move comes about a year after the family sold a roughly 40-percent stake in Forbes Inc. to Elevation Partners, an investment group that includes U2 rocker Bono. The sale did not include the building on lower Fifth Avenue, which remains under family control. In a memo sent to employees on Thursday, Chairman Steve Forbes said the company has already been in discussions with developers about plans to create a new headquarters building in New York, according to Keith Kelly’s "Media Ink” column in the New York Post.
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The Fifth Avenue building was constructed in 1923, and Forbes acquired the property in 1965.
In his memo, Steve Forbes said: "The business has simply outgrown the building.”
© NewsMax 2007. All rights reserved.
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