GlobeSt.com and one of its sister publications, LA-based Real Estate Southern California, reported last year that ILFC was considering taking space in the building. Groundbreaking ceremonies for the 34-story, 700,000-sf tower at Constellation Boulevard and Century Park West were held this morning.
Entertainment conglomerate Metro-Goldwyn-Mayer Inc. cleared the path for construction to begin by signing a contract, valued at nearly $500 million, late last year for 17 floors of the new building. The 425,000-sf, 15-year lease deal assured JMB that the high-rise would be more than 60% occupied when construction is completed in the spring or summer of 2003.
The new lease with ILFC means the tower will be at least 72% full when the doors swing open, says Tom Omundson, JMB Realty's EVP. Though officials won't disclose financial terms of the new contract, the jet-leasing company will easily pay more than $100 million over the life of its 127,520-sf lease, if it's a 15-year term along the lines of MGM's pact.
Names of the brokers involved in the deal weren't immediately available, but GlobeSt.com is following this breaking story.
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