Harbor Group International, a privately owned real estate investment and management firm, announced Monday it has entered an agreement with ViacomCBS to purchase the CBS Building in New York City f…
Harbor Group International, a privately owned real estate investment and management firm, announced Monday it has entered an agreement withfor its gray granite architecture and dark tinted windows, the 38-story office tower is located at 51 West 52nd Street in midtown Manhattan.
“The agreement to acquire the CBS Building is further proof of HGI’s ability to identify and successfully transact for unique investment opportunities in an increasingly competitive market,” said Richard Litton, president of HGI. “With its prime location, Class A features and strong roster of tenants, HGI is positioned to acquire one of New York City’s few iconic assets.
“This agreement follows the previously announced strategic review of non-core assets that we completed shortly after our merger,” said Naveen Chopra, EVP and chief financial officer at 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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