ViacomCBS will look to divest Black Rock, the New York headquarters of CBS.
ViacomCBS CEO Bob Bakish made the announcement at the UBS Global TMT Summit in New York Monday. “Black Rock is not an asset we need to own and we believe that money would be put to better use elsewhere," he said.
The Eero Saarinen-designed office building, located at 51 West 52nd Street at the corner of Sixth Avenue, has served as CBS’ headquarters since it was completed in 1964.
The granite-clad skyscraper, located across the street from New York's Museum of Modern Art, was designated a New York City landmark in 1997, where it was called "one of New York's premier post-World-War-II-era skyscrapers and one of the country's great works of modern architecture."
CBS also owns the CBS Broadcast Center on Manhattan’s West Side, which serves as the home for many CBS News and CBS Sports shows, as well as other New York-based programming.
Viacom’s headquarters is at 1515 Broadway in Times Square. Bakish said that while the company is looking at other options to unlock value from its real estate holdings, for now the company is only committed to selling Black Rock.
Last year, CBS sold its Los Angeles studio, CBS Television City, for $750 million.