{"id":31848,"date":"2021-08-20T14:55:34","date_gmt":"2021-08-20T11:55:34","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=31848"},"modified":"2021-08-23T11:20:58","modified_gmt":"2021-08-23T08:20:58","slug":"cbs-building-in-midtown-manhattan-to-trade-hands-for-first-time","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/cbs-building-in-midtown-manhattan-to-trade-hands-for-first-time\/","title":{"rendered":"CBS Building in Midtown Manhattan to Trade Hands for First Time"},"content":{"rendered":"<p>51 West 52nd Street \u2014 better known as Black Rock or the CBS Building \u2014 is slated to be sold by the end of the year, marking the first time it has changed hands since the building\u2019s completion more than half a century ago. The owner-occupier, ViacomCBS, is selling the building to privately owned international real estate investment and management firm Harbor Group International. The transaction is structured as a seller leaseback. As such, ViacomCBS will maintain its presence in the building and lease space from Harbor Group. The sale price is $760 million.<\/p>\n<p>\u201cThe agreement to acquire the CBS Building is further proof of HGI\u2019s ability to identify and successfully transact for unique investment opportunities in an increasingly competitive market,\u201d said HGI President, Richard Litton. \u201cWith its prime location, Class A features and strong roster of tenants, HGI is positioned to acquire one of New York City\u2019s few iconic assets. We look forward to activating our strategic business plan for this asset at a transformational time for New York City\u2019s office market.\u201d<\/p>\n<p>While there were cosmetic upgrades made to the building in 2016, HGI plans to significantly upgrade tenant amenities \u2014 as well as design a new lobby \u2014 to reposition the property and bolster its long-term leasing plan.<\/p>\n<p>\u201cThis agreement follows the previously announced strategic review of non-core assets that we completed shortly after our merger,\u201d said Naveen Chopra, executive vice president and chief financial officer at ViacomCBS. \u201cThe 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.\u201d<\/p>\n<p>The CBS Building is located between 52nd and 53rd streets, along one of the most prominent corridors in the city \u2014 the Avenue of the Americas. The 38-story tower was completed in 1963 and instantly cemented itself within the iconic <a href=\"https:\/\/www.commercialcafe.com\/blog\/midtown-manhattan-skyline-evolution\/\" target=\"_blank\" rel=\"noopener\">Midtown Manhattan skyline<\/a>. Directly adjacent to Rockefeller Center, the building is near multiple train stations, as well as a veritable plethora of dining and entertainment locations.<\/p>\n<p>The historic property was built as the New York headquarters of CBS and designed by renowned architect Eero Saarinen \u2014 the same architect who designed the Gateway Arch in St. Louis. Black Rock also showcases views of Central Park and is the home of the Museum of Modern Art.<\/p>\n<p>The acquisition of Black Rock will add more <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noopener\">New York City office space for rent<\/a> to HGI\u2019s growing portfolio of properties. HGI also owns 24 Bryant Park South in Midtown \u2014 which it picked up for $85 million in 2015 \u2014 as well as 55 Broadway in the Financial District, for which it paid $157 million in 2014.<\/p>\n<p>CBRE&#8217;s Darcy Stacom and Bill Shanahan are the exclusive agents for ViacomCBS in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Harbor Group International purchased the CBS Building in Midtown Manhattan for $760 million in a seller-leaseback transaction from ViacomCBS which will maintain its presence in the building but reduce its footprint.<\/p>\n","protected":false},"author":63,"featured_media":31850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-31848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Midtown Manhattan 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