• by Karlene Lukovitz  @KLmarketdaily, March 19, 2020

ViacomCBS has temporarily suspended its efforts to sell Manhattan's Black Rock building -- which the company now describes as its "former" headquarters -- due to the COVID-19 crisis in the U.S.

In a filing with the Securities and Exchange Commission made yesterday, the company said that while it had "received significant interest" in the building, "with the safety precautions related to COVID-19 announced by public officials now in place," it has decided to postpone the sale process "until interested parties can visit the property in person."

The company -- which hopes to get more than $1 billion for the property, a designated New York City landmark designed by Eero Saarinen-- plans to resume its marketing efforts for a sale "once the situation stabilizes," and anticipates completing the building's sale sometime in 2020, it stated. 

The sale is part of ViacomCBS's plan to slash costs and generate cashflow for its streaming and other growth initiatives.