Press Release from Manbites Dog Theater Company
21 December 2017
Manbites Dog Theater Building Sold to Modern Energy
Sale proceeds to fund new theater work in the Triangle
Durham, NC— Manbites Dog Theater closed the sale of its 703 Foster Street
building in Durham today. Durham-based Modern Energy purchased the
building for $1.1 million.
Manbites Dog will rent back the space to finish out its 31st and final season,
which ends in May/June with Wakey, Wakey by Will Eno. The theater company will
then transition to a new way of fulfilling its mission as Manbites Dog 3.0, a funding and support organization for Triangle theater artists.
In the transition, Manbites Dog will use a portion of the sale proceeds to pay closing costs, current debt obligations, and final season production costs. The remainder of the sale proceeds will be used to operate Manbites Dog in its new incarnation, with an agency fund at Triangle Community Foundation for granting purposes.
Manbites Dog will begin a hiatus at season’s end to plan and organize ManbitesDog 3.0. The company anticipates announcing a grant application process in late spring of 2019 to support theater artists and projects in the 2019-20 season.
Regarding the building sale, Artistic Director Jeff Storer and Managing Director Ed Hunt appreciate that Modern Energy Co-Founder Ben Abram is looking for a home—not a quick stopover—for his business. “We’ve made our life’s work here in Durham, and this building and this neighborhood have been a big part of that,” says Storer. “Ben wants to make his contribution to the world here, too, and that’s appealing to us,” adds Hunt.
Abram describes his B Corp business as a next-generation energy companyinvesting in technology to achieve more efficient energy use. The company has grown quickly over the last two years, and the Foster Street building will provide space for continuing expansion. Modern Energy plans some renovations to the building, but the footprint, Foster Street entrance, and height of the building will generally stay the same.
Regarding the sale, Abram says, “Jeff and Ed and Manbites Dog deserve immense credit, and I love that Modern Energy’s funds from the sale will play a part in their gift back to the community.”
About Manbites Dog Theater
ManbitesDog Theater, a professional nonprofit theater company in Durham, NC, is in its 31stand final season. Founded in 1987, Manbites Dog’s purpose is to produce new and challenging theatrical events; showcase and nurture developing playwrights, directors, actors, and artists; facilitate cross-disciplinary and cross-community projects; and help strengthen this region’s theatrical community.
About Modern Energy
Modern Energy seeks a world with abundant, accessible, sustainable energy for everyone. Modern Energy is an asset management firm that invests in businesses that bring distributed energy innovations to market and the portfolios of assets those businesses produce. From energy efficiency in the United States to solar projects in emerging markets, Modern supports leaders in the transition to a distributed energy economy.