Trinity Broadcasting Network Acquires 111 E. 15th Street From Theater First Foundation
16 Aug, 2006, New York
Cushman & Wakefield arranges sales transaction in Midtown South
Cushman & Wakefield announced today that Trinity Broadcasting Network, the world's largest religious television network, has purchased The Century Center for the Performing Arts at 111 E. 15th St. from Theater First Foundation.
The Century Center for the Performing Arts is a 15,000-square-foot, 248-seat building, located between Union Square East and Irving Place in the heart of Union Square. The space will serve as Trinity Broadcasting Network's first production studios in the New York City area. The company will utilize the venue as a live broadcast center for its programming.
Yoav Oelsner, Charles Kingsley, Jon Epstein and Glenn Tolchin of Cushman & Wakefield's Capital Markets Group represented the seller, Theater First Foundation, and David Rosenbloom, a senior director in the firm's Midtown Manhattan office, represented the purchaser, Trinity Broadcasting Network.
"The Union Square neighborhood is a thriving cultural, business and educational hub," said Mr. Oelsner, a senior director at Cushman & Wakefield. "Trinity Broadcasting Network fits right in to this vibrant community that is known for its diversity, creativity and one of the city's most popular parks."
"The Century Center for the Performing Arts is equipped with three main theatrical production spaces, including a theater that can seat about 300 people, a ballroom and a studio," said Mr. Rosenbloom. "These unique features will be useful for Trinity Broadcasting Network's production studios."
Trinity Broadcasting Network offers 24 hours of commercial-free inspirational programming that appeals to Protestant, Catholic and Messianic Jewish denominations. The company reaches every major continent, with 47 satellites and 12,000 television and cable affiliates. Trinity Broadcasting Network currently operates 3,000 television stations globally, and is the seventh-largest broadcast group owner in the U.S.
The Center for the Performing Arts, a historic landmark originally built in 1847 by architect Henry Hobson Richardson, was the original home of the Century Association, a members-only club of distinguished New Yorkers, including former Presidents Franklin Roosevelt and Theodore Roosevelt. The building received a complete renovation project in 1996 that faithfully restored the late nineteenth century to its original grandeur.
The building's location enables easy access to the Union Square Transportation network. Prominent neighbors include St. Vincent's Hospital, New York University, New School University, Irving Plaza, Whole Foods Market and Barnes & Noble.
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