Old building of Teatro Olimpia, inaugurated in 1926 and began operation immediately afterward as a cinema hall. In 1974 it started operation as a theatre hall and thirty years later it became part of the National Drama Centre. After intense refurbishment and modernization of the facilities, in 2006 in was re-inaugurated as Teatro Valle-Inclán in the neighborhood of Lavapiés.

It has three modern stages, one with seating capacity for 510 seats; another, called Sala Francisco Nieva, with Italian-style layout and 150 seats. The Sala Mirlo Blanco with a reduced forum is used as a rehearsal hall. 

It operates as the second headquarters of the National Drama Centre and holds the representations of half of the shows from its program, as well as visits from foreign companies.