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CBS HQ May Be on the Block Again

Black Rock was put on the market last year but the offers fell short of what CBS was looking for. This time it may bring in $370 million.

By John Howe | Updated on August 31, 2000

Another of the city’s trophy buildings is reported to be up for sale. This time it’s CBS headquarters. Just a week ago, the Seagram Building on Park Avenue was brought to market by TIAA-CREF. Often referred to as Black Rock for its dark granite exterior, the building may bring $370 million to Viacom, which acquired the broadcaster earlier this year. That translates to about $425 per sf.

CBS occupies less than half of the building now; only 15 of its 38 floors. Other tenants include Cushman and Wakefield and law firm Wachtel, Lipton, Rosen & Katz. C&W declined to speculate on the report. If CBS retains its space, the price is expected to come down significantly. ABC and NBC, which were also bought during the last few years, have moved some of their operations out of the Midtown area. CBS has been moving personnel to other locations since 1987.

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