The home of “The Price Is Right” could fetch as much as $ 900 million, experts say
CBS might be shaking up the future of Television City, an institution that dates to the 1950s and that’s still home to prominent productions, including The Price Is Right and The Late Late Show with James Corden.
Sources tell The Real Deal that CBS Corporation is preparing to put the property on Beverly and Fairfax on the market. It has reportedly already interviewed brokerages for the job of marketing the 25-acre plot.
Though CBS hasn’t yet decided whether to sell, brokers estimate the property is valued at $ 500 million to $ 750 million, with one “insider” telling the Los Angeles Times it could bring in as much as $ 900 million.
It’s not yet clear what’s to come for the campus, designed by Gin Wong at the firm Pereira and Luckman. As The Real Deal notes, there are a lot of unknowns:
The network hasn’t indicated if it intends to vacate the property entirely, sources said. The nature of what will be marketed — a full sale, a sale-leaseback or a ground lease — remains unclear.
The Real Deal reports that here are at least two “major developers” interested in the site, located near The Grove and the Farmers Market.
CBS’s old headquarters in Hollywood were reborn in 2016 as Columbia Square, a mixed-use development by Kilroy Realty that holds office space, the Hollywood Proper extended-stay residences, and a NeueHouse coworking space.
- CBS interviewed brokers to sell its Television City campus: sources [The Real Deal]
- CBS pondering sale of historic Television City studios in Los Angeles [LA Times]