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Arena Theatre, Towers Sold For $24.5 Million

HOUSTON (CelebrityAccess MediaWire) — According to the Houston Business Journal the Arena Theatre and the Arena Towers in Houston have recently been bought by local partnership the Arena Group.

The deal includes the 2,850 capacity Arena Theatre, two 19 story buildings with roughly 390,000 square feet of office space and two 9 level parking garages with spaces for 2,200 cars.

Fred Schiller, general partner of the Arena Group, told the paper he will be spending a “significant” amount of money on upgrades to the buildings. "I'm very bullish on this area of town," said Schiller. "It's undergoing some major revitalization right now. I think it's an unbeatable location."

"We're currently in negotiations with several major national venue operators who are very interested in leasing it," Schiller said. The theater had previously been managed by H’Town Arena, which stopped leasing the venue just days before the sale. –by CelebrityAccess Staff Writers