SL Green closes theater deal.In a real estate transaction that brings Times Square its largest live concert venue, SL Green Realty Corp. has announced that AEG AEG Aeger (Latin: Sick) AEG Allgemeine Elektrizitäts-Gesellschaft (Common Electricity Company) AEG Aircraft Evaluation Group AEG Association of Engineering Geologists AEG Air Expeditionary Group LIVE, the live entertainment division of Los Angeles-based entertainment and sports presenters AEG, has signed a 15-year lease to take over Loews Astor Plaza Theatre The Plaza Theatre is an historic building located at 125 Pioneer Plaza in El Paso, Texas. The theater stands as one of the city's most well-known landmarks, and remains operational today, showing various Broadway productions, musical concerts, and individual performers. at 1515 Broadway. The Loews Theatre, which opened in 1974, will officially close on August 5th. SL Green, which owns the 54-story, 1.8 million square foot office tower, negotiated an agreement with Loews to gain possession 17 months prior to lease expiration. "We're delighted not only to add one of America's top entertainment companies to our tenant roster but to also have created such an exciting, adaptive reuse Adaptive reuse is the process of adapting old structures for new purposes. When the original use of a structure changes or is no longer required, as with older buildings from the industrial revolution, architects have the opportunity to change the primary function of the for this below-grade level space, stated Gerry Nocera, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of SL Green. "We're committed to our continuing role in the ongoing renaissance of Times Square, which has historically been a magnet for the entertainment industry. "We expect this concert venue to become one of Times Square's major attractions, bringing top-tier musical acts to the world famous business and entertainment district." "Forget Nashville, forget L.A., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of is still the number one music venue anywhere, anyplace. Without the concentrated efforts of SL Green, Newmark and AEG LIVE, this deal never would have been completed," said James Kuhn, President of Newmark, who represented AEG in the transaction along with Brian Waterman and Lance Korman. According to Nocera, the 43,000 square foot, single-screen cinema will be redesigned by the Rockwell Group, the prestigious New York architecture and design firm, into a high-end, state-of-the-art live entertainment venue with seating capacity for 2,100 people. The concert venue at 1515 Broadway represents AEG LIVE's first development of a concert venue in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. marketplace. Specific plans for the development of the theatre will be announced by AEG at a later date. AEG LIVE is the nation's second largest concert promotion and touring company. It's Tours and Special Events division is currently producing "Celine Dion: A New Day," which is appearing at Caesar's Palate in Las Vegas. The company has also recently promoted national concert tours for Prince, the Eagles, Fleetwood Mac, Justin Timberlake and Christina Aguilera, Dixie Chicks, American Idol and Rod Stewart, among others. SL Green's Senior Vice President and Director of Leasing, Steven Durels, who structured the transaction on behalf of the firm, said that the lease with AEG underscores 1515 Broadway's position as a true media and entertainment center, while bringing the building's occupancy level to 99%. The building is the headquarters for Viacom, Inc., one of the world's leading media and entertainment companies, whose holdings include franchise brands CBS (Cell Broadcast Service) See cell broadcast. , MTV Networks, Paramount Pictures, Show-time Networks and Infinity Broadcasting. It is also home to the MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. Studios as well as the Minksoff Theatre, which opened in 1973 and has featured some of Broadway's great performances, including Fiddler on the Roof, Sunset Boulevard and the Scarlet Pimpernel scarlet pimpernel anagallisarvensis. . |
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