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MGM leaves namesake lair and moves to Beverly Hills

29-Dec-2010 • Bond News

MGM's leaving its namesake lair at the MGM Tower in Century City for new digs in Beverly Hills.
MGM had no comment Wednesday. But according to a source close to the situation, the Lion's signed a lease with landlord George Comfort & Sons Inc. to occupy a new six-story office building at 235-269 N. Beverly Drive - reports Variety.

The signing comes on the heels of MGM announcing Dec. 20 that it had completed its restructuring, which gave it $500 million in "exit financing" following its pre-packaged bankruptcy filing.

No date's been announced for MGM to leave Century City, where it currently leases six floors in the 35-story MGM Tower. The building's landlord, JMB Realty Corp., had no comment on the departure.

The studio moved from its longtime home in Culver City into the MGM Tower in June 2003.

MGM pink-slipped about 45 of its employees on Dec. 17, a reduction of more than 10% to its staff of 400 but a smaller figure than had been projected in court filings. With Spyglass Entertainment toppers Roger Birnbaum and Gary Barber in charge, MGM's expected to ramp up production including a 23rd James Bond film and co-financing the back-to-back "Hobbit" movies.

The William Morris Agency had been planning to move into the Beverly Drive building but changed its plans due to last year's merger with Endeavor. According to an informed source, the United Talent Agency had been in negotiations in recent months to lease part of the structure from George Comfort but the two sides weren't able to complete a deal.

JMB Realty's senior VP Patrick Meara had announced in September that LA Realty Partners has been appointed as exclusive leasing agent for the seven-year-old MGM Tower on Constellation Place. Meara had no comment Wednesday.

George Comfort, WME and UTA did not respond to requests for comment.

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