NEW YORK (CBSNewYork/AP) — Forbes magazine is leaving its historic Greenwich Village headquarters and moving hundreds of employees to New Jersey.
Forbes Media, which publishes the magazine, announced Wednesday that it has secured office space in the Newport area of Jersey City. Forbes plans to relocate about 350 employees to Jersey City later this year. The exact date has not been determined.
The move comes after New Jersey’s Economic Development Agency approved a $27.1 million incentive over 10 years for Forbes.
Forbes sold its building at Fifth Avenue and 12th Street to New York University in 2010 but kept a five-year lease on the property it occupied since 1962.
“The New Jersey venue will give us the opportunity to create a state-of-the-art media center,” CEO Mike Perlis said in a memo to staffers, according to the New York Post.
Forbes will keep an office in New York. The company says it’s in the final stages of securing space in the city.
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