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Viacom, Seeking to Cut Costs, Plans to Sell Landmark CBS Headquarters

August 29, 2000|From Bloomberg News

NEW YORK — Viacom Inc. is putting the landmark CBS Building up for sale as the world's third-largest media company seeks to cut costs after the purchase of CBS Corp. this year.

The 870,000-square-foot Manhattan building, known as Black Rock, houses CBS headquarters. Marketing of the 38-story tower will begin in September, said Kevin Haggerty, executive managing director for real estate services firm Insignia/ESG, which is handling the sale. Viacom spokesman Carl Folta declined to comment.

Haggerty wouldn't estimate how much the building could sell for. Last month Equity Office Properties Trust paid more than $400 a square foot for 1301 Avenue of the Americas, which is across the street. At that valuation, the CBS Building would fetch about $350 million.

Last year CBS hired Lazard Freres to sell the tower but pulled it off the market in August after bids came in at $300 million, less than the almost $400 million CBS was expecting.

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