LOS ANGELES – Seeking to get rid of “non-core assets like real estate,” ViacomCBS is reportedly exploring the sale of CBS Studio Center – the lot that practically gave Studio City its name.
The 38-acre site on Radford Avenue, off Ventura Boulevard, is the second showcase property in a week that the company has reportedly put on the block. Last week, the company announced it was selling its New York City skyscraper headquarters known as “Black Rock” for $ 760 million.
“ViacomCBS has hired commercial real estate company JLL to explore a potential sale of our Radford campus in Studio City,” CBS chief executive George Cheeks said in an email from staff on Monday, according to the Los Angeles Times.
The newspaper quoted Cheeks as saying that the potential sale “aligns with our strategy of divesting non-core assets like real estate and directing that value toward priorities like creating more of our top-notch content. “.
The Radford property has hosted numerous television shows over the years including “Seinfeld”, “The Mary Tyler Moore Show” and “Gilligan’s Island”. It currently houses the local stations KCBS-2 and KCAL-9.
Radford has been the headquarters of CBS on the West Coast since 2008, when the company moved there from its Television City location on Fairfax Avenue. The company sold Television City for $ 750 million three years ago.
With demand for sound stages at a premium, the Radford property is expected to fetch a significant price if sold. It has 18 sound trays as well as some 210,000 square feet of office space, according to the report.
ViacomCBS still owns the Paramount Pictures lot on Melrose Avenue.
The Studio City neighborhood gets its name from the presence of the land, which was originally created by legendary silent film producer Mack Sennett in 1927.
One of the streets in the lot, Mack Sennett Avenue, bears his name.
Other streets include Gunsmoke Avenue, Gilligan’s Island Road, Mary Tyler Moore Avenue, and Newhart Street, all named after shows filmed in the field.
Other shows filmed at Radford grounds include spinoffs from “Seinfeld”, “Roseanne” and “Mary Tyler Moore”, “Rhoda”, “Phyllis” and “Lou Grant”.
The “Gilligan’s Island” lagoon, located at the northwest corner of the land, was paved for a parking structure in the mid-1990s, according to Wikipedia.