New home for Forbes

Last updated 08:23 17/01/2014

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Forbes magazine is leaving its historic New York City headquarters and moving hundreds of employees to New Jersey.

Forbes Media, which publishes the magazine, announced on Wednesday that it has secured office space in the Newport area of Jersey City. Forbes plans to relocate by the end of this year. The exact date has not been determined.

The move comes after New Jersey's Economic Development Agency approved a US$27.1 million ($32.6m) incentive over 10 years for Forbes.

Forbes sold its Fifth Avenue building in Greenwich Village to New York University in 2010 but kept a five-year lease on the property it occupied since 1962.

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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- AP

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