MGM gives up space in Century City

The movie company has struck a deal to vacate up to three of its 10 floors of office space on Constellation Avenue, THR is reporting. The agreement with landlord JMB Realty will streamline the company's real estate holdings in advance of an expected bankruptcy filing. This would amend MGM's lease that runs until 2018.

"They want some immediate relief of three floors and we said OK," said [Hunt Barnett, a principal with L.A. Realty Partners, which represents JMB], who added that JMB has the ability to select which floors MGM will vacate and retains the option of taking back a fourth floor from the studio. "They are fairly sparsely populated in places."

MGM creditors have agreed to a prepackaged bankruptcy plan that would give management control of the company to the two CEOs of Spyglass Entertainment. The Reporter says that Spyglass, which has offices in a Westwood high-rise, will consolidate its space into the MGM Tower.