CBS Renews 186K-SF Far West Side Studios
By Rebecca Baird-Remba January 27, 2023 11:45 am
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CBS will keep its studios at 555 West 57th Street for another five years, landlord SL Green Realty announced.
After more than three decades in the 20-story building between Tenth and Eleventh avenues, the broadcaster renewed its 186,882 square feet, according to SL Green (SLG). CBS downsized slightly from the 189,000 square feet it last had when it last reupped in 2004.
The company, now formally known as Paramount Global, sold its Manhattan headquarters at 51 West 52nd Street in late 2021 for $760 million.
Aside from CBS, hospital trade group the Greater New York Hospital Association inked a 10-year, 58,017-square-foot renewal for its offices in the 1973-built tower, according to SL Green.
The organization represents 280 hospitals and long-term care facilities in the tri-state area and works to lobby state and federal governments on behalf of its members. It has been in the building for more than a decade, last signing a lease expansion in 2013.
Asking rent in both deals was $62 a square foot, according to an SL Green spokesperson.
Scott Gottlieb, Andrew Sussman and Rocco Laginestra with CBRE represented CBS in the transaction. Josh Kuriloff and Drew Braver of Cushman & Wakefield handled the lease for the hospital association. A spokesperson for CBRE declined to comment. It wasn’t clear who handled the deal for SL Green.
Braver said in a statement that the renewal “was an opportunity for our client right size their long-term office footprint and secure a landlord investment to future proof their space.”
Carmaker BMW is the third anchor tenant in the building, where it has maintained 227,000 square feet of office and retail space for years. Designed by Eggers & Higgins, the property was formerly known as the Ford Motors Building, because Ford had occupied the showroom that BMW continues to operate.
“These transactions create significant leasing momentum as we start the new year and reaffirm the growing corporate sentiment that there is no substitute for the importance of in-office occupancy to support employee collaboration and company culture,” said Steve Durels, SL Green’s leasing director, in a statement.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
