The Square fell into disrepair during the years in which Laurence Tisch chaired CBS, and asbestos problems were cited as a reason to demolish the venue. Sungow Corp acquired Columbia Square in 2003 for $15 million. Las Vegas-based developer Molasky Pacific LLC, acquired the property in August 2006 for $66 million. It planned to redevelop the complex to continue to attract entertainment industry tenants and is considering options that would add some residential units to the office and broadcasting facility. The project is valued at $850-million and is the largest development project in Hollywood, California. The redevelopment of the historic CBS Studios on Sunset was approved in 2009 with a controversial 28-story tower. Developer Kilroy Realty Group acquired the project in 2012 and changed plans — when completed the new Columbia Square will feature a 20-story residential tower with 200 apartments, of retail, three renovated historic structures, two new office buildings with an additional of space, and four and a half levels of underground parking. The development is currently under construction as of 2014. In fall 2007, producer Viacom, owner of CBS until 2006, chose the site for MTV's "". The National Trust for Historic Preservation and Los Angeles Conservancy have been actively engaged in efforts to preserve the Hollywood landmark.