Harbor Group International has entered an agreement to acquire 51 West 52nd St., an office tower in Midtown Manhattan, for $760 million. Often called the CBS Building or Black Rock, this purchase is the first time the building has traded since it opened in 1964. As the former owner-occupier, ViacomCBS will lease back its space on a short term basis. The transaction is expected to close before the end of the year.
HGI plans to implement a capital program to reposition the property in support of a long term leasing plan. Updates will include significant upgrades to the lobby and other tenant amenities.
"This agreement follows the previously announced strategic review of non-core assets that we completed shortly after our merger," said Naveen Chopra, EVP and CFO of ViacomCBS. "The use of proceeds from this transaction will remain consistent with our previously discussed capital allocation strategy, allowing us further financial flexibility to invest in our strategic growth priorities, including streaming."
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Located between 52nd and 53rd Streets in the Avenue of the Americas corridor, the property is within walking distance of multiple train stations and is adjacent to Rockefeller Center.
The property is the only skyscraper designed by architect Eero Saarinen, whose work includes Lincoln Center Theater and the Gateway Arch in St. Louis.
The acquisition will add to HGI's Manhattan office portfolio. The firm owns 24 West 40th Street in Midtown on Bryant Park and also owns 55 Broadway in the Financial District.
Darcy Stacom and Bill Shanahan of CBRE are acting as exclusive agents for ViacomCBS in the transaction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
