01/21/2016 03:32 EST | Updated 01/21/2017 00:12 EST

Lights out for the famed Ziegfeld Theater in New York City

NEW YORK — The Ziegfeld Theater in New York City will soon be out of the movie business.

The famed midtown Manhattan movie theatre opened in 1969 and will close in a few weeks. It's expected to reopen next year as a space for corporate events.

Special events company Gotham Hall's managing director tells the Daily News ( he signed a 20-year lease for the new Ziegfeld Ballroom. Managing director B. Allan Kurtz says the new space will pay homage to its cinematic past. He also hopes to still do movie screenings.

The theatre is currently showing "Star Wars: The Force Awakens."

The Associated Press