The CBS logo on top of a building.
NEW YORK CITY – ViacomCBS could make a move to sell its CBS Broadcast Center at 524 W57th St. on Manhattan's west side and potentially has plans to downsize its workforce into Viacom-occupied properties, sources tell GlobeSt.com.
When contacted for a comment, a Viacom spokesperson told GlobeSt.com that this is not accurate, and that ViacomCBS is reviewing its entire real estate portfolio, but has made no further decisions.
However, sources have told GlobeSt.com that Darcy Stacom, chairman and head of New York City capital markets at CBRE, is marketing the sprawling building that takes up nearly one full block between 10th and 11th Avenues.
In addition, sources have told GlobeSt.com that ViacomCBS plans to discontinue its occupancy at the New York Life building at 28 East 28th St. in the Midtown South submarket and will consolidate its workforce into Viacom-occupied properties. CBS inked a 15-year deal for 164,000-square-feet of space at 28 East 28th St. last year.
CBS purchased the estimated 600,000-square-foot broadcast center that was once a milk distribution factory from Sheffield Farms Co. in 1952 and began occupying it in 1964. Built in 1912 and was last renovated in 1985, the property has four studios and is home to CBS News and CBS Sports, among others.
According to data from Property Shark, the CBS Broadcast Center at 524 W57th St. was listed in a termination-of-lease memo recorded in November of last year, which included a total of seven properties, including 530 W 57th St., 513 W 56th St., 857-859 Tenth Ave., 510 W 57th St., 514 W 57th St., 524 W 57th St. and 508 W 57th St.
A potential sale of the CBS Broadcast Center comes on the heels of the newly merged media conglomerate of Viacom and CBS as it considers a sale of CBS' 38-story Midtown headquarters known as the Black Rock building at 51 West 52nd St.
ViacomCBS CEO Bob Bakis announced at an investor conference last December that the firm would sell some of its non-core assets, including real estate to generate cash for stock buy-backs, and that it had hired CBRE to review the entire real estate portfolio. In addition, Bakis said the firm was seeking $500 million in cost savings, according to Bloomberg.
Viacom acquired CBS once before in 1999 and was reportedly looking to sell the landmarked building then for $370 million, but a transaction never came to fruition. The two companies later split in 2006.
CBRE declined to comment for this story.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
