Adventureland, a production company owned by producer Jeffrey Seller—known for Broadway hit Hamilton, and popular shows Rent and Avenue Q—is making a play in the Paramount Building.
The company signed a 10,109-square-foot lease at 1501 Broadway between West 43rd and West 44th Streets, and it will occupy the entire 24th floor of the building, according to a press release from Avison Young, the leasing agent for the 33-story tower. The asking rent in the 11-year deal was $62 per square foot. Adventureland plans to move into the space from its current address at 145 West 45th Street between Avenue of the Americas and Seventh Avenue in the summer.
“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,” Newmark Grubb Knight Frank’s Dennis Karr, who represented Adventureland, said in a prepared statement.
Avison Young’s Arthur Mirante, Michael Gottlieb, Anthony LoPresti, Matthew Hoffman and Joseph Gervino represented the landlord, Paramount Leasehold, a partnership of Levin Properties, the estate of Arthur G. Cohen and other investors.
Adventureland’s lease was the largest of recent theater-related transactions for space at the Paramount Building. Aged in Wood Productions, which has worked on West Side Story, also inked a 1,114-square-foot deal for part of the 18th floor of the building for five years. And Davenport Theatrical Enterprises, owned by Tony-award winner Ken Davenport, completed a transaction for an 1,909-square-foot slice of the 13th floor for 10.5 years.
Existing theater tenants in the nearly 800,000-square-foot Paramount Building include Second Stage Theatre, Nederlander Organization and Telsey + Co. The landlord is currently working on a $50 million modernization of the approximately 90-year-old building, which includes replacing all of the windows and elevators, upgrading the common areas and moving the lobby, as CO previously reported.