Date: 29th August 2000

For Sale:Black Rock

As expected, Viacom announced Monday that it is selling CBS's New York headquarters at 51 West 52nd Street, often referred to as "Black Rock" because of its dark exterior.

The property was originally put on the market early last year by CBS, before its merger with Viacom, but was taken off when bids came in at around $300 million, $100 million less than CBS had hoped to realize.

Since that time, analysts noted, Manhattan property values have continued to skyrocket. The current sale is being handled by Insignia/ESG. Proceeds are expected to be used to pay down debt incurred by Viacom in the CBS acquisition. CBS is expected to remain the master tenant of the property.

Source: Studio Briefing