Mayor Riordan and City Business Leaders Launch Major Development Project in Century City
Project Will Create 1,200 Construction Jobs and Tenants Will Support Employment For 1,500 Employees
LOS ANGELES, CA -- (March 5, 2001) -- A formal groundbreaking took place in Century City today in celebration of Constellation Place, "Los Angeles' First High-Rise of the 21st Century." Constellation Place, LLC, is an affiliate of JMB Realty Corporation, a privately held real estate investment firm based in Chicago.
Los Angeles Mayor Richard J. Riordan led the way as ceremonial shovels were dug into the ground by Judd Malkin, chairman of JMB Realty Corporation; Tom Omundson, executive vice president of JMB Realty Corporation; Chris McGurk, vice chairman and chief operating officer of Metro-Goldwyn-Mayer Inc.; Steven F. Udvar-Hazy, president and chief executive officer of International Lease Finance Corporation; Michael Levin, executive vice president of Urban Retail Properties; and Constellation Place architect Scott Johnson, FAIA of Johnson Fain Partners.
"I am very pleased MGM has selected Los Angeles as its new home, and that the L.A. Business Team could help in making this long-awaited day come about," said Mayor Riordan. "We are also proud that JMB Realty Corporation and Urban Retail Properties have chosen our city to build their state-of-the-art Constellation Place. With the added prospect of more job opportunities for Angelenos, this is a win-win for the city and everyone involved in this terrific project."
Construction will begin mid-March, and the project is expected to be complete in April 2003. The property's lead tenant, Metro-Goldwyn-Mayer Inc. (NYSE:MGM), will complete occupancy by June 1, 2003 and occupy a total of 427,158 square feet of office space. This occupancy will include a portion of the ground floor level, in addition to the lower 17 floors of the building.
"This outstanding new complex is of particular significance to our company as a tangible symbol of the `new MGM' that has been created over the past two years," commented Alex Yemenidjian, chairman and chief executive officer of Metro-Goldwyn-Mayer Inc.
International Lease Finance Corporation (ILFC) will be leasing 6 floors of the complex, totaling 127,520 square feet of office space. ILFC is the international leader in the leasing and remarketing of advanced technology commercial jet aircraft to airlines around the world. ILFC owns and manages a portfolio of approximately 500 aircraft with a value of more than $20 billion. ILFC is one of the largest purchasers of new aircraft from Boeing and Airbus, with orders and options to purchase over 525 new aircraft.
"ILFC has only one office worldwide, here in Los Angeles. Ten years ago, we moved to Century City because of the advantages it offered our employees and customers who come from all over the world -- a Class-A building convenient to shopping, hotels and entertainment," said Steven F. Udvar-Hazy, president and chief executive officer of International Lease Finance Corporation. "Constellation Place will be the state-of-the-art building in Century City and will be the best home for ILFC as we continue to grow in the 21st Century."
The building's exterior will be state-of-the-art and unlike any other, using a variety of materials including aluminum, stainless steel and glass combined with gray and white granite and marble to create an elegant and contemporary look. Upon completion, Constellation Place will establish the highest architectural standard in Century City and contain approximately 700,000 square feet of Class-A office space and ancillary retail space, spanning a total of 35 floors.
The pedestrian level of Constellation Place has been meticulously designed to be a gathering place, with richly landscaped open space surrounding an all-glass central lobby. A park will serve as the heart of these public areas, and include a range of brilliant sculptural works by the artist, Anna Valentina Murch. This pedestrian area will be an ideal walking location, adjacent to the Century City Shopping Center & Marketplace and the Century Plaza Hotel. In addition, Constellation Place will also be within close range of numerous restaurants and services.
"Just as we did with SunAmerica Center, we are proud to be making another world-class addition to Century City," said Judd Malkin, chairman of JMB Realty Corporation.
JMB Realty Corporation and its affiliates own a number of office buildings, hotels and shopping centers across the country.
"We are very happy to finally commence construction and look forward to
providing state-of-the-art office space to the Los Angeles business
community," said Michael Levin, executive vice president of Urban Retail
Properties.
Urban Retail Properties serves as the fee developer for Constellation Place, and
is the property management, leasing and development affiliate of Urban Shopping
Centers LP. As a U.S. unit of Rodamco North America N.V., Urban is one of the
nation's largest retail property managers, and also served as developer for
SunAmerica Center in Century City.
The Constellation Place site has served a variety of purposes over the years. It has been tented for events, including major black-tie charitable events, entertainment industry galas, and circus productions; served as a backdrop to motion picture, television and commercial productions; and also been utilized as a parking lot.
Metro-Goldwyn-Mayer Inc. is actively engaged in the worldwide production and distribution of entertainment products, including motion pictures, television programming, home video, interactive media, music, and licensed merchandise. The Company owns the largest modern film library in the world, consisting of more than 4,100 titles. Its operating units include MGM Pictures, United Artists Films, Orion Pictures, MGM Television Entertainment, MGM Networks, MGM Distribution Co., MGM Home Entertainment, MGM Consumer Products, MGM Music, MGM Interactive, and MGM.com, among others. For more information on MGM, access MGM Online at http://www.mgm.com.