The publisher Forbes’ departure from its office space at 90 Fifth Avenue could yield an auction sale of the property for over $100 million, Crain’s reported. A Richard Baxter-led Jones Lang LaSalle team is in charge of marketing the 11-story, 140,000-square-foot building, and sources told Crain’s that the building could go residential or be maintained for commercial use.
RFR Realty owns the building, located between 14th and 15th streets. As The Real Deal reported this morning, it is one of Manhattan’s 10 most distressed properties.
RFR reportedly had arranged to sell the building to Jamestown Properties for $115 million last year, but the transaction fell through when Forbes defaulted on its rent. Forbes leases 110,000 square feet inside the building.
A spokesperson confirmed to Crain’s that Forbes will be leaving the building and moving to 60 Fifth Avenue nearby.
“What I can tell you is the matter has been amicably resolved to the satisfaction of both parties,” the Forbes spokesperson told Crain’s.
The New School occupies the only other office floor in the building. They will leave next year, effectively leaving the building vacant. [Crain’s] —Zachary Kussin