Orpheum Theatre creates OPAC Real Estate to buy space at Orpheum Office Building
04/18/2013 5:00 AM
04/18/2013 5:29 AM
WICHITA — The Orpheum Theatre is now going to own a piece of the adjacent Orpheum Office Building in addition to the theater at First and Broadway.
"It's very exciting news for the Orpheum," says president Jennifer Wright.
The Orpheum created a separate entity, OPAC Real Estate LLC, to make the purchase. OPAC stands for Orpheum Performing Arts Center.
The group bought the approximately 6,000-square-foot third floor of the office building from a bank, which acquired it out of foreclosure.
Wright says the Orpheum leadership decided to create the LLC to protect the theater.
"We're kind of just taking caution," she says.
Theater staff members currently occupy a couple of suites on the first floor of the center and will move to the third floor on May 1.
"Now we'll finally all be all together," Wright says.
"It will also enable the theater to save money long term. It is no longer going to be paying rent every month," she says. "We really feel like this will benefit the theater in the long run."
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