The Jason Moore-directed film will star Fey and Poehler as siblings who decide to throw one last wild party at their parents' home before it is sold, reported Variety.
Leguizamo joins an all-star cast that also includes James Brolin and Ike Barinholtz.
'The Nest' reunites Fey and Poehler with their former 'Saturday Night Live' co-star Maya Rudolph as well.
Long-time SNL writer Paula Pell has penned the movie's screenplay, with Fey and Jay Roach as producers.
Universal Pictures will release 'The Nest' on December 18, 2015 in the US and on January 1, 2016 in the UK.