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AEG Plans Times Square Concert Venue

NEW YORK CITY-The Times Square area movie theatre will close next week and be reworked as a live entertainment venue. AEG Live has inked a 15-year deal for the 43,000-sf space.

By Barbara Jarvie | Updated on July 28, 2004

NEW YORK CITY- The revitalization of Times Square continues. The area is gaining its largest live entertainment venue as AEG Live has inked a 15-year deal to take over the 43,000-sf space that currently houses the single-screen Loews Astor Plaza Theatre at 1515 Broadway. Loews will officially close August 5 and then AEG Live, the live entertainment division of L.A. based AEG, will come in for the renovation process on its first concert venture here.

Building owner SL Green negotiated with Loews to enable AEG to have access to the site 17 months before the movie theatre’s lease expired. SL Green COO Gerry Nocera tells GlobeSt.com that it was important for the company to find a tenant for the site who would understand that it the development is topped by a 54-story 1.8 million sf office tower. “There was a lot of interest in the site,” he says. “It’s an exciting, adaptive reuse for this below-grade level space.” The tower is home base for Viacom Inc., the MTV Studios and the Minksoff Theatre.

James Kuhn, president of Newmark, represented AEG, along with Brian Waterman and Lance Korman. SL Green’s SVP and director of leasing Steven Durels structured the transaction.

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