Skylight Music Theatre Closes on Sale/Leaseback of Broadway Theatre Center
The sale will allow Skylight Music Theatre to make capital improvements in the Cabot Theatre.
Milwaukee, Wis. (Feb. 21, 2018) –Skylight Music Theatre President, Board of Directors Michael C. Lueder, Artistic Director Ray Jivoff, and Executive Director Jack R. Lemmon today announced that Skylight Music Theatre closed on a sale/50 year leaseback of the Broadway Theatre Center to Broadway Theatre LLC, which will improve the property and lease most of it back to Skylight.
“This step strengthens our financial position, ensures financial stability and allows us to rebuild our endowment,” said Lueder. Skylight Music Theatre will continue to perform in the Cabot and Studio Theatres of the Broadway Theatre Center and “is committed to performing there long into the future,” he said. Milwaukee Chamber Theatre and Renaissance Theaterworks will continue to perform at the Broadway Theatre Center as well.
“In Skylight’s role as owner/landlord of the Broadway Theatre Center, we have been examining options for the building in order to address deferred maintenance, create liquidity and stabilize finances. This sale/leaseback allows Skylight to be out of the building management business, which had become a significant drain on resources. Skylight’s efforts can now be focused on our core competency and mission of producing the full spectrum of music theatre,” said Lueder.
He added, “We are pleased to be working with Robert Joseph of Broadway Theatre LLC, who has deep experience and understanding of the Historic Third Ward and nearby areas. He joins us in our commitment to the future health of the artistic companies and patrons of the Broadway Theatre Center with affordable lease rates.”
This sale allows Broadway Theatre LLC to make crucial improvements to the Broadway Theatre Center, which may include replacing or upgrading the HVAC system, elevator, and renovating the office tower. In addition, the sale will allow Skylight Music Theatre to make capital improvements in the Cabot Theatre, improving sound, lighting and overall patron experience.
About Skylight Music Theatre
Skylight Music Theatre’s mission since 1959: To bring the full spectrum of music theatre works to a wide and diverse audience in celebration of the musical and theatrical arts and their reflection of the human condition. Skylight presents productions “Skylight Style” – bringing fresh approaches or interesting twists to music theatre works, creating meaningful connections, not only between the characters on stage but with the audience as well. The beautiful, intimate Cabot Theatre allows audiences to feel close to the powerful emotions on stage.
Mentioned in This Press Release
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