ViacomCBS to explore sale of famous studio City Lot
ViacomCBS is looking to part with more real estate. A week after making a deal to sell CBS’s former “Black Rock” headquarters in New York City, ViacomCBS plans to offload its famous CBS studios in Studio City, California, according to reports.
ViacomCBS has hired commercial real estate company JLL to explore a sale, Bloomberg reported on Monday. A representative for ViacomCBS did not immediately respond to TheWrap’s request for comment.
First opened in 1928, CBS Studios has hosted television series such as “Gilligan’s Island”, “Mary Tyler Moore Show”, “Gunsmoke” and most recently “Big Brother” and the news magazine “Entertainment Tonight”.
Last week, ViacomCBS agreed to sell Black Rock to private real estate company Harbor Group International for $ 760 million. The network, which has occupied the 38-story, 491-foot-tall building since it opened in 1964, plans to lease its space on a short-term basis. The transaction should be finalized before the end of the year.
Naveen Chopra, executive vice president and chief financial officer of ViacomCBS, said the sale was driven by a review of non-core assets since the company finalized its merger in December 2019. discussed the capital allocation strategy, allowing us greater financial flexibility to invest in our strategic growth priorities, including streaming, ”Chopra said in a statement.
Harbor Group is planning a major capital program to pursue a long-term rental plan, with updates to the lobby, cafeteria and other amenities for tenants. The company’s $ 14.5 billion investment portfolio includes 4.4 million square feet of retail space in the US and UK and 53,000 apartments in the US.
Three years ago, CBS Corp. sold its 25-acre Los Angeles-based Television City studio to Hackman Capital Partners for $ 750 million.