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WWE has begun transforming their new global headquarters in Stamford, CT.
According to PWInsider, the company has affixed their logo to the new building at 677 Washington Blvd in Stamford, CT. The new facility will house all of company operations, including production studios and corporate offices.
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WWE has leased the space for 16.5 years, and gained possession of the facility on July 1, 2019. The company plans to sell its current corporate facility dubbed Titan Towers at 1231 East Main St.
WWE will lease the space for an initial term of approximately 16.5 years commencing no earlier than July 1, 2019, with five five-year renewal options thereafter. The lease will be accounted for as a finance lease, with the creation of a lease obligation (equal to the present value of future lease payments, which would result in the recognition of interest expense over time) and a right-of-use lease asset (equal to the lease obligation less tenant incentives, which is depreciated on a straight-line basis through depreciation expense). Accordingly, the accounting for the lease agreement is not expected to have a material impact on Adjusted OIBDA. Depreciation expense associated with the right-of-use asset will be reflected in operating income. The Company’s capital expenditure guidance reflects this initiative. That guidance estimated capital expenditures of approximately $70 million to $90 million for 2019 with continued spending in 2020 above the historic range of approximately 4% to 7% of revenue. Additionally, the company expects to sell its owned and operated corporate facility at 1241 East Main Street, exit its leased spaces at 1266 East Main Street, and will evaluate options for its production studio facilities at 88 and 120 Hamilton Avenue based on strategic, operating and financial considerations.
Currently WWE employees are shuttled from the Stamford Train Station to the current corporate headquarters. The new facility is a 5-minute walk from the train station.
The company anticipates the move will be completed by early 2021.