Less than a week after emerging from a lengthy bankruptcy, MGM has signed a lease for new headquarters office space in Beverly Hills.
The studio on Sunday signed a lease for the entirety of the six-story, 144,000-square-foot Beverly Drive office building that was originally slated to be occupied by WME, according to a source with knowledge of the situation.
The studio will vacate its current headquarters in Century City at its namesake building -- the MGM Tower. The company leases about 200,000 square feet at the 35-story building and had been trying to sublease the offices to other parties, but that plan never came to fruition. MGM will pay a "one-time" fee to landlord JMB Realty Corp. in order to break its lease and leave the 10250 Constellation Blvd. building, the source said.
It is also unclear when MGM will move into its new headquarters or whether the smaller size of the new offices is related to the company's layoffs earlier this month. About 50 employees were let go; the layoffs were part of MGM's reorganization plan.
• CLICK HERE to read the Hollywood Reporter story.
• CLICK HERE to read an earlierBeverly Hills Courier story.
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