The Atlanta Opera has chosen to extend its lease at 1575 Northside Drive after the building’s owner, LeCraw Development, agreed not to charge rent during the slow fundraising month of August for the next four years.
“The current landlord offered an attractive deal so we decided to stay,” Paul Melroy, managing director for Atlanta Opera, said in a press release.
In 2006, to pay off the debt and put cash in the bank, the three-decade-old company sold its headquarters' property on West Peachtree Street in Midtown. However, the cultural institution's financial woes continued, and this year the opera made the tough decision to cut the 2010-11 season to three productions, down from four.
In 2007, the opera signed a six-year lease for space at Atlanta Technology Center on Northside Drive because it was big enough for rehearsal and office space and as well as a costume shop. With the new lease, the opera will have about 15,560 square feet of space.
The opera was represented in the negotiations by real estate firm Carter. LeCraw was represented by Barry Real Estate Services.
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