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.”
Real Development purchased the center several years ago and then sold some of the floors. The company still has some ownership as well.
Wright won’t say how much the Orpheum’s acquisition cost, but she says, “We purchased the third floor for about what we paid in rent last year.”
“A lot of thought and investigation went into this acquisition,” Wright says. “It’s a positive step toward our ultimate long-term goals.”