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This theatre hall, which is located in the central Malasaña neighbourhood, dates back to 1918. It is the follow-on from two halls of the same name which were opened previously: one in 1887, on the intersection of Calle Sandoval, Calle Ruíz and Calle Fuencarral, and another in 1891, in Calle Felipe IV. It is now in Calle Manuela Malasaña. 

The theatre, with capacity for 400 spectators, was fully refurbished in 2000, reopening its doors to the public on 2 November 2005.

Its programme focuses mainly on comedies and children’s plays, and includes hit performances, such as "Burundanga", "Arte", or the children’s musical, “The Wizard of Oz".