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.

Though officials at JMB weren’t immediately available for comment, the lease appears to clear the way for the developer to finally break ground on the Century City tower, which would be in the heart of one of Southern California’s hottest leasing markets.

GlobeSt.com is following this breaking story and will provide additional details as they develop.

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