CBS2 Now Trying To Lease Out Its New Space

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Posted by chicagomedia.org on March 11, 2009 at 07:25:15:

Too much space for Ch. 2

REAL ESTATE | Station needs to cut costs, so it's trying to sublease some Block 37 space, including street-level studio

March 11, 2009

BY DAVID ROEDER Sun-Times Columnist
------------------------------------

Bruno Cohen, general manager of WBBM-Channel 2, has a corporate trophy that he didn't want and would rather not pay for now that advertising revenue is in a steep decline. The trophy is Channel 2's office and studio space at the northeast corner of Dearborn and Washington, the only finished part of the Loop's Block 37 project.

Cohen said he's committed to keeping Channel 2 in the building and honoring its long-term lease. But he needs to cut costs, so he wants to sublease some of Channel 2's 90,000 square feet. His plan could involve finding tenants for the broadcasting studios, including the prominent street-level Studio A across from the Picasso.

Exactly how much space is being offered depends on different configurations. Cohen said Studio A must continue as video production space under terms of the Block 37 redevelopment agreement with the city.

Under former general manager Joe Ahern, Channel 2 envisioned the glassed-in studio as part of a new identity in Chicago. His ambitions were untenable as ratings slid and the parent CBS Corp. shared the business misery of the media world. The company said its fourth quarter TV ad revenue was down 8 percent from the prior year despite a windfall from political commercials.

CBS moved into the new building last September. Cohen cast no aspersions on his predecessor, saying many corporations regret real estate decisions made in recent years and the new facilities are first-rate. But he said a street-level studio has little value to him.

"Many, many more people will see our news on television than they will through a plate-glass window," he said.

Cohen hired Jones Lang LaSalle Inc. to find sublease tenants. And he struck a deal with Flashpoint Academy, a school for digital film production, to have partial use of the station's Studio B, which isn't visible to the public.

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: Too much space for Ch. 2 : REAL ESTATE | Station needs to cut costs, so it's trying to sublease some Block 37 space, including street-level studio : March 11, 2009 : BY DAVID ROEDER Sun-Times Columnist : ------------------------------------ : : Bruno Cohen, general manager of WBBM-Channel 2, has a corporate trophy that he didn't want and would rather not pay for now that advertising revenue is in a steep decline. The trophy is Channel 2's office and studio space at the northeast corner of Dearborn and Washington, the only finished part of the Loop's Block 37 project. : Cohen said he's committed to keeping Channel 2 in the building and honoring its long-term lease. But he needs to cut costs, so he wants to sublease some of Channel 2's 90,000 square feet. His plan could involve finding tenants for the broadcasting studios, including the prominent street-level Studio A across from the Picasso. : Exactly how much space is being offered depends on different configurations. Cohen said Studio A must continue as video production space under terms of the Block 37 redevelopment agreement with the city. : Under former general manager Joe Ahern, Channel 2 envisioned the glassed-in studio as part of a new identity in Chicago. His ambitions were untenable as ratings slid and the parent CBS Corp. shared the business misery of the media world. The company said its fourth quarter TV ad revenue was down 8 percent from the prior year despite a windfall from political commercials. : CBS moved into the new building last September. Cohen cast no aspersions on his predecessor, saying many corporations regret real estate decisions made in recent years and the new facilities are first-rate. But he said a street-level studio has little value to him. : "Many, many more people will see our news on television than they will through a plate-glass window," he said. : Cohen hired Jones Lang LaSalle Inc. to find sublease tenants. And he struck a deal with Flashpoint Academy, a school for digital film production, to have partial use of the station's Studio B, which isn't visible to the public.

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