WME, property developer settle arbitration situation

WME pays an undisclosed sum to developer George Comfort & Sons since the arbitration over its lease of Beverly Hillsides work place continues to be settled. The settlement weren't revealed, but sources stated the company pays between $20 million and $$ 30 million. In 2006, the William Morris Agency signed a contract with Gotham-based George Comfort to lease space inside a building then being built on North Beverly Drive, with intends to relocate by 2009. But after WMA merged with Endeavor in mid-2009, the offer fell apart. One of the issues was WME's declare that Comfort violated the agreement by permitting another talent agency, Gersh, to talk about a parking garage meant for WME. Comfort sued 3 years ago, and also the sides later moved into arbitration. After a preliminary ruling from the tenpercentery, WME become a huge hit in This summer. Thursday's decision may be the final word within the situation, because the agency won't appeal the ruling. "The problem continues to be resolved on the mutually acceptable basis," a WME spokesperson told Variety. MGM has occupied the area meant for WME since 2010. Biz experts speculate the Lion has assisted mitigate a few of the costs WME might have faced in the settlement. WME has consolidated the majority of its staff into what have been Endeavor's Wilshire Boulevard offices. The agency's music department remains within the old WMA structures lower the road on El Camino Drive. WMA offered its three BevHills structures in 2008 when preparing because of its move, however it ongoing to lease work place inside them. A repetition for George Comfort couldn't be arrived at for comment late Thursday. Contact Rachel Abrams at Rachel.Abrams@variety.com