WWE Announces Move To New Stamford Location

STAMFORD, CT — World Wrestling Entertainment, which has called Stamford home for decades, announced Wednesday that it will move its global headquarters from 1241 East Main St. to 677 Washington Blvd. in downtown Stamford in early 2021.

The move into the former UBS building will allow the entertainment giant to consolidate its corporate offices, operations and production studios into one location.

"One of the most important elements necessary to execute WWE's long-term growth strategy is world-class talent collaborating seamlessly to create compelling content," said WWE Co-President George Barrios in a statement. "Our workplace initiative will be the foundation to meet these objectives and underpins our ability to deliver long-term value."

The company plans to sell the 1241 East Main St. site, move out of leased space at 1266 East Main St., and consider options for its current production studio facilities in Stamford at 88 and 120 Hamilton Ave.

Click here for more information on the move and the reasons behind it.

From the WWE announcement:

The new headquarters will provide the company with work space suited to its growing and evolving workforce. The site in Stamford’s central business district provides greater access from various means of transportation, floor plans which are well-suited to producing video content and greater flexibility in workplace design. The Company anticipates that it will move to the new headquarters in early 2021.

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 straightline 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.

Additional information is available on the Company’s website, corporate.wwe.com/investors.