Penthouse magazine, Playboy magazine’s seedier cousin, will consolidate its operations in Los Angeles after closing its New York office, it said.
The move coincides with Penthouse’s decision to cut its print edition after 50 years. The magazine’s content will now be available solely online.
Penthouse will now operate out of parent company FriendFinder’s Los Angeles headquarters, at 8944 Mason Avenue in Chatsworth.
It had been based out of 20 Broad Street in Manhattan’s Financial District since 2008, when it inked a 10-year lease for 16,400 square feet at the property. It put half that space up for sublease in 2012 after slashing its total staff by almost half.
The firm was reportedly paying more than $40 a foot annually for the space.
By contrast, rents in the Chatsworth area of Los Angeles County average around $10 to $11 a foot, according to CoStar. – Katherine Clarke