This afternoon, Lukaba Productions board president Laura Michaud confirmed blog-posted reports that a purchase of the 33-year home of Theatre Building Chicago is under way. Investors known as 1225 W. Belmont LLC have signed a purchase contract for the three-theater complex at that address. Michaud said the investors will be putting “a substantial amount of money” into improvements for the building, and Lubaka will be the long-term tenant and building manager. “Our intent is to run the building much as it has been run,” Michaud added. “Our philosophy has always been to be an incubator.”

According to Michaud, Lukaba has been looking for space for three or four years and was quick to respond when they learned that the TBC building, which hadn’t been listed on the commercial market, was available. “The details are still being ironed out. . . . We’re hoping to keep as much of the TBC staff as we can.” An official announcement will be released tomorrow, she said.