NEW YORK –- The Forbes family has put its historic Manhattan headquarters up for sale. The building on lower Fifth Avenue which Forbes has owned for 42 years is expected to fetch around $140 million.

The move comes about a year after the Forbes family sold an approximate 40 percent stake in Forbes Inc. to Elevation Partners, an investment group that incomes U2 rocker Bono. That sale did not include the Forbes headquarters building, which remains under family control.

In a memo sent to employees on July 19, Forbes 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. The column didn’t specify if Forbes intended to build or acquire and renovate a new building.

The Fifth Avenue building was constructed in 1923, and Forbes acquired the property in 1965 from MacMillan Publishing.

In his memo, Steve Forbes said: "The business has simply outgrown the building.”

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