Construction will begin immediately on five contiguous floors comprising 139,000 sf of space, which Viacom is expected to occupy by the end of the year. Viacom will then be in the other five floors in early 2007. That space is currently occupied by the building's former owner, Bertlesmann.
Scott L. Gottlieb and Michael R. Laginestra of CB Richard Ellis, and David Williamson of Viacom, represented the media concern. James Vandervliet and Roger Newman of Paramount Group represented the owners. Laginestra says Viacom welcomed the opportunity to develop a block of space "literally across the street from its headquarters at 1515 Broadway, that would both accommodate its immediate expansion needs, as well as address expiring leases." Financial details were not available, but office space in the site is advertised at range in the mid $50s to low $60s per sf.
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