The Roundabout Theatre Company has announced that, as of November 2002, it will have a long-term lease on the current American Place Theatre. Located at 111 West 46th Street, the space will be renamed the Laura Pels Theatre and will be home to Roundabout's Off-Broadway productions.

Roundabout built the original Laura Pels Theatre (named for the producer and philanthropist) in the Criterion Center, which is located right in the heart of Times Square but is now slated for the wrecking ball. The company presented all of its Off-Broadway contract productions there until unexpectedly losing its lease last year. Since that time, the Gramercy Theatre at 127 East 23rd Street has housed Roundabout's Off-Broadway shows. Neil Simon's Hotel Suite is currently playing there, and the company will continue to stage productions at the Gramercy until its lease on the American Place takes effect.

In addition, the Roundabout currently holds leases on two Broadway-level houses: Studio 54 and the American Airlines Theatre. The company renovated Studio 54 in 1998 and moved its hit revival of Cabaret there. The newly renovated American Airlines Theatre (formerly the Selwyn) just recently opened with the Roundabout's production of The Man Who Came to Dinner, starring Nathan Lane and Jean Smart.