The complex comprises three commercial theatre spaces (one 290, one 399 and one 499-seat theatre) owned and operated by a team of experienced Broadway and Off-Broadway producers who form the center's management partnership. 37 Arts is co-owned by Dan Markley (producer of The Vagina Monologues and STOMP), Harriet Leve (producer of STOMP and The Crucible), Alan Schuster (manager of Off-Broadway theatres including the Union Square Theatre, Minetta Lane Theatre, and the Orpheum Theatre), and Kevin McCollum and Jeffrey Seller (producers of Rent and Avenue Q).

37 Arts opened in Spring 2005 with the hit Off-Broadway revival Hurlyburly starring Ethan Hawke, Parker Posey, and Wallace Shawn. The building is located in the hub of an emerging, vibrant arts community, currently experiencing a creative and artistic renaissance with a variety of new theaters and arts organizations, as well as the exciting transformation of West 42nd street just five blocks away.

The top three floors of the complex are occupied by The Baryshnikov Arts Center, which serves as a creative laboratory, meeting place and performing space for a vibrant community of experimental artists from dance, music, theater, film, design and visual arts.