This theater was completely renovated and it has new modern design. It is located nearby Dizengoff square and running very nice shows including musicals. If you visit Tel Aviv, make sure to pay a visit and maybe even purchase tickets to a show. I think most of the shows are in Hebrew so make sure what language is the show before you buy tickets. Highly recommended.
Although very new, the theater's layout is simply bizarre. After entering on street level, visitors must descend 2 storeys on narrow stairways or cram into stuffy elevators to get to the actual showing. After the show, getting out is even more of a hassle than getting in, since everyone leaves at the same time.
The theater is located in a very center of Tel Aviv. I really enjoy going there and having dinner after the show in the local restaurants.