UPDATE: The building Forbes has stopped paying rent on is not its headquarters building, but another building nearby. We apologise for the earlier misunderstanding.
EARLIER: Forbes, the publisher of Forbes Magazine, has a magnificent headquarters on Fifth Avenue in downtown Manhattan.
It’s a freestanding stone building with a grand airy lobby and curling stone staircase. Some of the offices upstairs are adorned with gorgeous wood-paneling and antiques. The place seems more like an opulent mansion than an office building.
According to the Wall Street Journal, Forbes has stopped paying rent on the building.*
The company has missed its last three rent payments, a Journal source says, and the default may cause a potential buyer of the building to walk away.
The building’s owner, meanwhile, a New York-based real-estate developer, is “exploring legal options.”
Forbes did not explain why it has stopped paying rent.
Presumably seeking to mute concerns that the company is facing a cash crunch, a Forbes spokesperson merely told the Journal that the company is profitable.
*UPDATE AND CORRECTION: The building in question here is reportedly Forbes’s building at 90 Fifth Avenue, not 60 Fifth Avenue, which is the mansion described above.
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