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MGM Roars in $500-Mil Century City Deal

LOS ANGELES-Entertainment giant MGM signs $500 million deal--one of the largest in SoCal history--for space in a high-rise that hasn't been built yet.

By David W. Myers | Updated on December 01, 2000

LOS ANGELES-In one of the largest Southern California leases in history, officials at entertainment giant Metro-Goldwyn-Mayer Inc. have finally signed a widely anticipated lease valued at an estimated $500 million to anchor a long-planned high-rise in Century City.

The studio has agreed to take 17 floors at the office complex on Constellation Boulevard and Century Park West, MGM VC Chris McGurk says. Chicago-based developer JMB Realty Corp. won approval to build a 34-story, 700,000-sf tower at the site more than two years ago, but has steadfastly refused to break ground—much to the chagrin of local brokers—until it could land a major tenant.

McGurk says the 15-year lease is for 425,000 sf. Though he wouldn’t disclose financial terms, one broker familiar with the deal tells GlobeSt.com that it’s worth nearly $500 million.

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