Following the completion of its merger last week, ViacomCBS is selling CBS' historic midtown Manhattan headquarters, known as Black Rock, CEO Bob Bakish confirmed Monday.

"It's a very material asset. It is not an asset we need to own," Bakish said, noting that the sale of some non-core assets such as real estate could generate cash for stock buy-backs.

Bakish made the announcement at an investor conference, the first such event since ViacomCBS began trading as a newly combined entity. As head of the new media conglomerate, Bakish is looking to perk up investor interest after lackluster response to the merger of the two companies.

Viacom considered a sale of the building back in 2000. At that time, it was worth $370 million, The New York Times estimated.

Located at 52nd Street and Sixth Avenue, Black Rock is a 38-story modernist granite building designed by Eero Saarinen. It carries a plaque honoring the founder of CBS, William Paley. It was granted landmark status in 1997 and has served as the headquarters for the television network since 1964. Last year, CBS sold off its Television City headquarters in Los Angeles for $750 million.