CBS Sells Black Rock Headquarters Building in NYC for $760

ViacomCBS introduced Monday plans to promote Black Rock, the famed midtown Manhattan headquarters constructing for CBS, to the privately owned actual property agency Harbor Group International for $760 million.

The community, which has occupied the 38-story, 491-foot-tall constructing because it opened in 1964, plans to lease again its area on a short-term foundation. The transaction is anticipated to shut earlier than the tip of the yr. 

The tower was the one skyscraper designed by the famend architect Eero Saarinen, whose different works embody Lincoln Center Theater and the Gateway Arch in St. Louis.

Naveen Chopra, EVP and Chief Financial Officer for ViacomCBS, stated the sale was prompted by a assessment non-core belongings because the firm accomplished its re-merger in December 2019. “The use of proceeds from this transaction will remain consistent with our previously discussed capital allocation strategy, allowing us further financial flexibility to invest in our strategic growth priorities, including streaming,” Chopra stated in a press release.

Harbor Group plans a major capital program to pursue a long-term leasing plan, with updates to the foyer, cafeteria and different tenant facilities. The firm’s $14.5 billion funding portfolio consists of 4.Four million sq. ft of economic area all through the U.S. and the U.Okay. and 53,000 condo items within the U.S.

“The agreement to acquire the CBS Building is further proof of HGI’s ability to identify and successfully transact for unique investment opportunities in an increasingly competitive market,” HGI President Richard Litton stated in a press release. “With its prime location, Class A features, and strong roster of tenants, HGI is positioned to acquire one of New York City’s few iconic assets. We look forward to activating our strategic business plan for this asset at a transformational time for New York City’s office market.”