Real Estate Weekly
Image default
Deals & Dealmakers

Three theater production firms moving to the Paramount Building

Avison Young announced today that Adventureland, Aged in Wood Productions and Davenport Theatrical Enterprises are all relocating to 1501 Broadway.

Adventureland, a production company owned by Jeffrey Seller, will occupy the entire 24th floor under a long-term lease, along with The Booking Group and Baseline Theatrical. Seller is currently a producer of the hit Broadway show “Hamilton,” and has been a mainstay of the theater industry for many years, producing shows that include “Rent,” “Avenue Q” and “In the Heights.”

Aged in Wood Productions is taking a portion of the 18th floor for five years. This production company’s team members have worked on such Broadway hits as “West Side Story,” “Avenue Q,” and “Rodgers + Hammerstein’s Cinderella.”

Davenport Theatrical Enterprises will occupy a portion of the 13th floor for 10.5 years. The theater company is owned by Tony Award-winner Ken Davenport, who has been a producer of Broadway-mainstays including “Kinky Boots,” “Macbeth,” “Godspell” and “The Bridges of Madison County.”

Adventureland, Aged in Wood Productions, and Davenport Theatrical Enterprises join the growing list of prestigious theater tenants already in the building, including Telsey + Co., the Nederlander Organization, Second Stage Theatre, Arielle Tepper Productions and Boneau/Bryan-Brown.

The Avison Young team includes Principal and Tri-State President Arthur J. Mirante, II, Principal Michael Gottlieb, Senior Director Anthony LoPresti, Director Matthew Hoffman, and Associate Joseph Gervino.

Adventureland was represented by Dennis Karr of Newmark Grubb Knight Frank. Aged in Wood Productions was represented by Seth Hecht of Cushman & Wakefield, and Davenport Theatrical Enterprises was represented by Gregory Kraut and Jonathan Cohen of Avison Young.

“With its rich history as home to both the Paramount Theatre and Paramount Pictures, one of the 20th century’s first major motion picture companies, the Paramount Building has become the headquarters choice for companies that operate within the theater industry,” Mirante said. He continued, “we are seeing very strong interest from tenants that operate ancillary businesses that service the theater industry. The building’s Times Square location, plus the large-scale capital improvements that are nearing completion, including the relocation of the main entrance lobby to 43rd Street from Broadway, make 1501 Broadway ideal for tenants like Adventureland, Aged in Wood Productions and Davenport Theatrical Enterprises.”

“The building’s great location just steps from the theaters, and the numerous theater companies that call the building home, are real benefits for those in the industry” said Dennis Karr, who represented Adventureland.

“It just made sense for ‘The Room Where It Happens’ to be located in 1501 Broadway.”

“Although there are tenants from many different industries located in the building, it is taking shape much like the original Toy Center buildings,” added Gottlieb. “The theater tenants in the building all know one another, which makes doing business together that much easier.”

Located in the heart of Times Square, 1501 Broadway offers easy access to transportation hubs including The Port Authority, Penn Station, Grand Central Terminal and numerous subway lines.

Related posts

Birch Group Reaches 90% Occupancy at 700 Alexander Park in Princeton


The McBride Cohen Company, Cantor Fitzgerald & Silverstein Properties Announce the Closing  of a $223M Construction Loan for Multifamily Development in Tempe, Arizona 


Post Brothers Purchases 2100 M Street Office Building for $66.77 Million