Printer Friendly

MGM MOVES TO SANTA MONICA; VACANCY RATE NOW IN SINGLE DIGITS; COLORADO PLACE BECOMES MGM MEDIA CENTER

 MGM MOVES TO SANTA MONICA; VACANCY RATE NOW IN SINGLE DIGITS;
 COLORADO PLACE BECOMES MGM MEDIA CENTER
 SANTA MONICA, Calif., Nov. 13 /PRNewswire/ -- Metro-Goldwyn-Mayer (MGM), a wholly owned subsidiary of Credit Lyonnais, will move its corporate headquarters to Colorado Place, a 15-acre office campus at 26th Street and Colorado Avenue in Santa Monica, announced Maguire Thomas Partners. The 1.2 million-square-foot complex will be renamed Metro-Goldwyn-Mayer Plaza, and "Leo the Lion," the company's internationally recognized symbol, will become the symbol for the complex.
 MGM will be moving 650 employees into 195,000 square feet of space in the first quarter 1993. This is only the third move in the company's 78-year history. The company's current Culver City offices will be assumed by Sony Corp.
 The signing of the MGM lease brings Colorado Place to 100 percent occupancy. Terms of the lease were not disclosed. "Colorado Place is home to more than 16 prominent national companies, including IBM, Johnson & Johnson, Giorgio, 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 entertainment 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. "This dramatic improvement reflects the attractiveness of the Westside market from Century City to the beach which has limited office supply and steady lease absorption. With its strong performance, the Westside market will be the first to attract renewed investor interest in Southern California," he predicted. MGM's move is the latest in a series of studio expansions by all of the major entertainment companies, Stanfill noted. "The Los Angeles Basin remains the international capital for film and media, an industry that is expected to grow significantly in 1993 and one that will help drive the area's economic recovery," Stanfill concluded.
 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, in partnership with IBM, purchased Colorado Place in 1988. One of the nation's largest investment builders, Los Angeles-based Maguire Thomas Partners has a portfolio of more than 25 million square feet of office and mixed-use developments. Its projects include First Interstate World Center, The Gas Company Tower and Wells Fargo Center, Los Angeles; Plaza Las Fuentes in Pasadena; Commerce Square in Philadelphia; Solana, a 900-acre mixed-used project northwest of Dallas; and Playa Vista, a 900-acre planned community just south of Marina del Rey.
 -0- 11/13/92
 /CONTACT: Barbara Casey of Casey & Sayre, 310-458-1224/ CO: Metro-Goldwyn-Mayer ST: California IN: ENT SU:


EH -- LA027 -- 0787 11/13/92 14:49 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 13, 1992
Words:493
Previous Article:/C O R R E C T I O N -- PLM INTERNATIONAL/
Next Article:SOUTHERN CALIFORNIA EDISON CO. 'AA' SENIOR DEBT, PREFERRED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
METRO-GOLDWYN-MAYER PLANS MOVE TO NEW HEADQUARTERS
/C O R R E C T I O N -- MGM MOVES TO SANTA MONICA/
MGM RESTRUCTURING APPROVED
METRO-GOLDWYN-MAYER PROMOTES NOTARIDES TO EXECUTIVE VP FOR LICENSING AND MERCHANDISING
DAVID BISHOP NAMED EXECUTIVE VICE PRESIDENT OF MGM/UA HOME ENTERTAINMENT
KATHLEEN A. HAFF AND DONNA STILES NAMED DIRECTORS, CO-OP ADVERTISING, MGM/UA DISTRIBUTION CO.
Industry Veteran Chris Aronson Joins MGM's Theatrical Distribution Team as Executive Vice President and General Sales Manager.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters