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METRO-GOLDWYN-MAYER PLANS MOVE TO NEW HEADQUARTERS

 METRO-GOLDWYN-MAYER PLANS MOVE TO NEW HEADQUARTERS
 CULVER CITY, Calif., Nov. 13 /PRNewswire/ -- Metro-Goldwyn-Mayer


Inc. (MGM) today announced plans to relocate its corporate headquarters to Metro-Goldwyn-Mayer Plaza, formerly known as Colorado Place, at 2500 Broadway Ave., in Santa Monica, Calif. The modern multitenant complex of six buildings on campus-like grounds is being re-named to reflect the company's major presence. The real estate development, a joint venture of IBM and Maguire Thomas Partners, is now 100 percent occupied with the signing of the MGM lease.
 MGM's Culver City staff plans to move into its new 200,000-square-foot offices in the spring of 1993, after the premises have been custom-built to MGM's specifications. Its new headquarters will include a state-of-the-art screening room, smaller screening rooms for dailies, specially designed areas for independent producers affiliated with MGM, and editing and post-production facilities. The facility will also be equipped for the worldwide servicing of the MGM/UA film library, encompassing thousands of motion pictures, including "Rainman," "Moonstruck," "A Fish Called Wanda," "Thelma & Louise," "Annie Hall," "West Side Story," "Raging Bull," "Marty," "Some Like it Hot," "The Pink Panther," "Rocky" and James Bond series.
 In a joint statement, Co-Chairmen and Co-Chief Executive Officers Alan Ladd Jr. and Dennis Stanfill, said, "The opportunity to upgrade our offices within a customized, state-of-the-art facility, situated on grounds with an inspiring ambiance, is yet another step in our efforts to reclaim the quality and luster that Metro-Goldwyn-Mayer has represented for so many years. In addition, the new space will enable more of our employees to work in near proximity to one another, creating a more cost-efficient and productive environment." The company has leased the offices for a 10-year period, with three successive five-year renewal options.
 The food court will be re-named the Commissary and the major screening room is being designed to accommodate special events as well. Kiosks showing posters of MGM's coming attractions will be established throughout the complex. The MGM Studio Store, offering memorabilia and merchandise featuring the MGM logo, may relocate to the center.
 Several independent producers will also have suites at Metro- Goldwyn-Mayer Plaza, which was designed as a workplace to stimulate creative interchange, offering such amenities as a health club, child day care facilities, and a lush campus-like setting.
 "Colorado Place is home to more than 16 prominent national companies, including IBM, Johnson & Johnson, Georgio, Symantec, Retix, Gensler and Associates and Kresser/Craig. These companies place a high value on creative, supportive work environments that can greatly increase productivity," said Robert F. Maguire III, co- managing partner of Maguire Thomas Partners.
 "MGM selected Colorado Place because we believe its campus environment fosters the creative process necessary to continue to produce quality entertainemnt product," said Alan Ladd Jr., co- chairman and co-chief executive officer of MGM.
 "With the signing of the MGM lease, office vacancy in Santa Monica fell to just under 10 percent -- one of the lowest rates in the Los Angeles basin," said Maguire.
 Stanfill added: "The Los Angeles basin remains the international capital for film and media, an industry that is expected to grow significantly in this decade, and one that will help drive the area's economic recovery."
 This is only the third move in MGM's 78-year history. MGM's space in its present headquarters will be assumed by Sony Pictures Entertainment when MGM moves.
 Closing of the transaction is subject to certain conditions that are expected to be satisfied within the next week.
 Following up the critically acclaimed releases of "Of Mice and Men," starring John Malkovich and Gary Sinise and "The Lover," directed by Jean-Jacques Annaud and featuring Jane March and Tony Leung, Metro-Goldwyn-Mayer's upcoming films include: "Body of Evidence," starring Madonna, Willem Dafoe, Joe Mantegna and Anne Archer; "Untamed Heart," directed by Tony Bill, starring Christian Slater, Marisa Tomei and Rosie Perez; "The Meteor Man," written and directed by Robert Townsend, with Townsend, Bill Cosby, Marla Gibbs, Robert Guillaume, James Earl Jones and Luther Vandross in his feature film debut; and "Rich in Love," a Zanuck Company Production reuniting the team behind the Academy Award-winning "Driving Miss Daisy," of director Bruce Beresford and screenwriter Alfred Uhry, and starring Albert Finney, Jill Clayburgh, Kathryn Erbe, Kyle MacLachlan, Piper Laurie, Ethan Hawke, Suzy Amis and Alfre Woodard.
 Future releases for 1993 also include "Bennny & Joon" (tentative title), starring Johnny Depp, Aidan Quinn and Mary Stuart Masterson, directed by Jeremiah Chechik; "Undercover Blues," starring Kathleen Turner and Dennis Quaid, directed by Herbert Ross; and "Son of the Pink Panther," written and directed by Blake Edwards, and featuring Italian star Roberto Benigni as the offspring of the infamous Inspector Clouseau.
 Currently in production is "Triple Indemnity," a comedy spoof directed by Carl Reiner, with Armand Assante, Sherilyn Fenn, Kate Nelligan and Sean Young.
 Metro-Goldwyn-Mayer Inc is involved in the worldwide production and distribution of motion picture and television programs and operates theatre chains in Europe.
 Maguire Thomas Partners is one of the nation's largest investment builders, with a portfolio of more than 25 million square feet of office and mixed-use developments.
 -0- 11/13/92
 /CONTACT: Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300, for Metro-Goldwyn-Mayer/ CO: Metro-Goldwyn-Mayer Inc. ST: California IN: ENT SU:


JL -- LA026 -- 0767 11/13/92 14:25 EST
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Date:Nov 13, 1992
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