A midtown Manhattan building that housed the former global headquarters of CBS has completed a $128 million overhaul.
Also known as "Black Rock" in tribute to its dark granite facade and originally designed by famed architect Eero Saarinen, the overhauled property, located at 51 W. 52nd St., has two renovated lobbies, including one resembling a luxury lounge; new elevators; a gym featuring the likes of a yoga room with guided mirrors and Peloton exercise bikes; and a private cafe, owner Harbor Group International said Monday in a statement.
HGI bought the building, between Fifth and Sixth avenues, in 2021 for $760 million from CBS parent Paramount, making it the first time the tower traded hands since opening in 1964.
Since the purchase, HGI said it’s inked new or renewal leases spanning a total of 350,000 square feet at the 900,000-square-foot skyscraper, which sits across from the Museum of Modern Art.
“We’ve already started to feel the impact of the renovations, with palpable excitement from existing tenants, consistent leasing activity from prospective tenants, and activation within the lobby and lounge spaces,” T. Richard Litton Jr., HGI president, said in the statement.
The building is nearly 90% leased, the New York Post reported.
Bond-rating firms including Moody’s were reportedly concerned about the building’s ability to refinance its $420 million commercial mortgage-backed securities loan, which CoStar data shows expires in October, after CBS was said to have vacated some 130,000 square feet in November that led to its occupancy rate to decline to 70%.
The loan, with a variable interest rate of 7.68%, is on a CMBS loan watch list, according to CoStar data.
An HGI spokesperson didn't immediately comment to CoStar News on the building’s latest lease rate and other matters.
Vocon and MdeAS Architects were the designers behind the building’s redevelopment.
The property is the only skyscraper to be designed by Finnish-American architect Saarinen, who was recruited to build the “simplest skyscraper in New York,” HGI said.
HGI said it has relocated its own New York headquarters to the building, occupying 25,000 square feet on the 19th floor.