The studio has agreed to take 17 floors at the office complex onConstellation Boulevard and Century Park West, MGM VC Chris McGurksays. Chicago-based developer JMB Realty Corp. won approval tobuild a 34-story, 700,000-sf tower at the site more than two yearsago, but has steadfastly refused to break ground—much to thechagrin of local brokers—until it could land a major tenant.
McGurk says the 15-year lease is for 425,000 sf. Though hewouldn't disclose financial terms, one broker familiar with thedeal tells GlobeSt.com that it's worth nearly $500 million.
Though officials at JMB weren't immediately available forcomment, the lease appears to clear the way for the developer tofinally break ground on the Century City tower, which would be inthe heart of one of Southern California's hottest leasingmarkets.
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