The announcement of the lease comes as the Social Club prepares to initiate the students who punched the club this fall—the fifth “open punch” since the club became a college-recognized group.

The Club will initiate the new members tomorrow night at the Inn at Harvard, followed by a post-party at the Holyoke Street location.

This July, the College approved $100,000 in safety upgrades on the Holyoke Street building in the wake of nightclub disasters in Chicago and Rhode Island. Alan Symonds, technical director of college theater, said those upgrades should be complete by the end of this month.

“The work is moving right along really rapidly,” he said. “A lot of progress has been made. I am very optimistic.”

The $25 million renovations, originally slated to start in May 2002, have yet to begin. The Theatricals will use Holyoke Street for this spring’s show.

—Staff writer David B. Rochelson can be reached at rochels@fas.harvard.edu.