With this new home, Second Stage will be the only theatre company on Broadway dedicated exclusively to developing and producing works by living American playwrights. Second Stage Theatre is currently scheduled to begin renovations and upgrades to the theatre in 2016 and will stage its first production on Broadway during the 2017-18 season. 

According to Deadline.com, the deal closed at $24.7 million dollars.

"This is an amazing moment, not only for Second Stage Theatre, but for American playwrights and American theatregoers," said Second Stage founder and artistic director Rothman in a statement. "Second Stage takes the commitment to producing new plays very seriously. We pledge to keep our new theatre a bustling center of activity on Broadway, nurturing not only new plays from established and emerging writers, but also feeding a new, diverse generation of theatregoers who will help keep American plays at the heart of the Broadway experience."

Second Stage executive director Casey Reitz added, "We are very grateful to the many foundations, private donors and Second Stage Trustees who have confidence in this project, as well as our phenomenal staff and professional colleagues who have worked tirelessly to make this very exciting moment possible. Owning the Helen Hayes Theatre will finally provide Second Stage with a permanent home in midtown Manhattan and a firm foundation for long-term planning and financial stability. We are thrilled for the long-anticipated opportunity to be part of Broadway and to renovate this beautiful intimate theatre in the heart of Times Square."

It was announced in 2008 that Second Stage acquired the rights to purchase the Hayes, but as of Feb. 17, 2015 (the planned closing date on the theatre), Second Stage did not have $25 million required to close on the property and requested a 90-day extension.

More than five years ago, the cost to buy and renovate the Broadway house was $35 million. The cost has increased because of Second Stage's plans (both artistically and architecturally) for the Hayes. It was reported in December 2014 that 2ST was in the process of raising a total of $58 million (to own and operate the theatre, produce desired works and for construction costs).

The owners and 2ST could not agree on terms of the extension, and Second Stage filed a lawsuit against the theatre's owners, Jeffrey Tick and Martin Markinson. Additionally, Tick reportedly had a change in heart and wanted to hold onto the Hayes for personal reasons, following the death of a daughter a year and a half ago.

The purchase makes Second Stage the fourth non-profit company to operate a Tony-eligible Broadway theatre. (The others are Lincoln Center Theater with the Vivian Beaumont, Manhattan Theatre Club with the Samuel J. Friedman and Roundabout Theatre Company with the American Airlines, the Stephen Sondheim and Studio 54).

"We closed with [Second] Stage today," Tick told Deadline April 17. "All good."

Second Stage's hope for the 597-seat Broadway residence is to dedicate the home exclusively to the development and presentation of contemporary American theatrical productions. The Pulitzer-winning Next to Normal and The 25th Annual Putnam County Spelling Bee are among the Second Stage works that transferred to Broadway.

It was previously reported that Second Stage is working with architect David Rockwell on "fresh and contemporary" ideas for the marquee, lobby and auditorium, dressing rooms and office space. 

The company has officially enlisted The Rockwell Group to make renovations and updates to the 103-year-old landmark building.

"When Second Stage commissioned us to renovate the Helen Hayes Theatre I couldn't think of a more perfect project," said Rockwell, founder and president of Rockwell Group. "Broadway theatres contribute so much to the cultural vibrancy of New York that re-imagining this architecturally unique theatre for a new generation of theatergoers is a once in a lifetime opportunity."

A major contributor to Second Stage's renovation of the Helen Hayes Theatre is the City of New York.

"Second Stage's expansion into the Helen Hayes Theatre will bring joy to that many more people," said Manhattan Borough president Gale A. Brewer. "I'm proud to have helped with funding Second Stage in the past, because they’re the kind of institution that enriches our city, showcasing the work of emerging artists and offering multiple programs to bring theatre to wider audience."

The company will also continue to present productions at its current Off-Broadway homes: the 296-seat Tony Kiser Theatre on West 43rd Street and the 108-seat McGinn/Cazale Theatre.

Visit 2ST.com.