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New York & Tri-State  + Midtown New York  + Office  | 

Midtown Manhattan’s CBS Building Trades for $760M in First Sale Since Opening

Harbor Group International (HGI) said Monday afternoon it had agreed to acquire 51 W. 52nd St., a Midtown Manhattan office tower popularly known as the CBS Building or Black Rock, for $760 million. The seller, ViacomCBS, will lease back its space on a short-term basis. 

The sale marks the first of the CBS Building since it opened in 1964 as CBS’ New York headquarters. CBRE’s Darcy Stacom and William Shanahan are advising ViacomCBS. 

HGI plans to implement a significant capital program to reposition the property in support of a long-term leasing plan. “We look forward to activating our strategic business plan for this asset at a transformational time for New York City’s office market,” said HGI president Richard Litton. 

ViacomCBS CFO Naveem Chopra said the sale agreement follows the company’s “previously announced strategic review of non-core assets that we completed shortly after our merger.” 

Photo credit: Tdorante10/Wikipedia.

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HGICBRE’s StacomCBRE’s Shanahan

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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