Jones Lang LaSalle


CBS gets distance from Viacom

Some staff moving out of headquarters; audit board counts 3 times the space Published on March 20, 2006

CBS Corp., after splitting off from Viacom late last year, is moving some employees out of Viacom's headquarters. It has signed a 12-year lease for an additional 65,000 square feet at 555 W. 57th St., at the corner of 11th Avenue.

The transaction brings the company's total space in the 20-story building to more than 253,000 square feet and makes CBS the largest tenant there. The asking rent in the building, which also houses the BMW of Manhattan dealership, is $40 a square foot.

The CBS workers who are relocating from Viacom's headquarters at 1515 Broadway, between West 44th and 45th streets, will be joined by colleagues from some other CBS offices. The 57th Street building and 524 W. 57th St., across the street, make up what is referred to as the CBS broadcasting center.

"They have been there for at least 15 years, and the expansion is a combination of the split from Viacom and internal growth," says Steven Durels, executive vice president at SL Green, the landlord of 555 W. 57th St.

Under the split, CBS owns Simon & Schuster publishers, Showtime and Paramount Parks; Viacom owns MTV and Paramount Pictures.

CB Richard Ellis represented CBS.

--Julie Satow