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ViacomCBS Sells Black Rock for $760M

Wikipedia
(Image credit: Wikipedia)

NEW YORK—ViacomCBS has sold the CBS Building, often referred to as the Black Rock, to the Harbor Group for $760 million. 

Built to serve as CBS’ New York headquarters, the historic property at at 51 West 52nd Street in Manhattan is the only skyscraper designed by renowned architect Eero Saarinen, whose work includes Lincoln Center Theater and the Gateway Arch in St. Louis. The building got its name from its facade of dark gray granite and dark tinted windows. 

ViacomCBS had previously announced plans to sell the building but temporarily put the sale on hold during the pandemic in 2020. 

The deal is expected to close by the end of the year. Harbor Group said that ViacomCBS will lease space in the building on a short term basis. 

“This agreement follows the previously announced strategic review of non-core assets that we completed shortly after our merger,” said Naveen Chopra, executive vice president and chief financial officer, ViacomCBS. “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.”

George Winslow

George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.