The Shubert Organization has acquired the off-Broadway complex New World Stages, the theater company said Tuesday.

New World is situated on West 50th and boasts five theaters that range in size from 199 to 499 seats. Among the productions it’s currently staging are “Avenue Q” and “Blank! The Musical.” The complex often serves as a venue for shows such as “Peter and the Starcatcher” after they wrap up their Broadway runs.

A spokesman for Shubert declined to disclose a price but a report in the New York Times said the deal was worth seven figures. It’s buying the space from its current owner, Stage Entertainment, a European company that backed the musical bomb “Rocky,” and has also fielded tours of “Wicked” and “The Producers.”

The Shubert Organization runs 17 theaters on Broadway including the Winter Garden Theatre, the Music Box Theatre and the Belasco Theatre. Productions it has been associated with include “Dreamgirls,” “Hedwig and the Angry Itch,” “Amadeus” and “A Few Good Men.”