For more than three decades, the WWE headquarters in Stamford, Connecticut, was "Titan Towers". But not for long.
The seven-storey office building that Triple H had once decorated with green spray paint to piss off Vince McMahon:
And that Brock Lesnar then invaded to draw the attention of Triple H, director of the WWE:
… is sold by the company. They will also leave two other spaces rented in the city and decide if they will do the same with two production sites they used there. The projects expect WWE to move into its new headquarters in Stamford, which will consolidate all of these functions under one roof and provide space for growth by 2021.
Here is the company's press release regarding the move, which includes the sale of their current building:
WWE® Announces New World Headquarters in Stamford
STAMFORD, Connecticut– (BUSINESS WIRE) – WWE (NYSE: WWE) today announced the transfer of its global headquarters to a new office complex located at 677 Washington Boulevard in Stamford, Connecticut. This transaction will allow the company to consolidate its operations, including production studios and central offices, into its new site.
"One of the most important elements needed to implement WWE's long-term growth strategy is the world-class talent that collaborates seamlessly to create compelling content. Our workplace initiative will be the foundation for achieving these goals and will strengthen our ability to deliver long-term value, "said George Barrios, WWE Co-Chair.
The new head office will provide the company with a workspace suited to its growing and changing workforce. The site in Stamford's Central Business District offers better access from a variety of modes of transportation, floor plans that are well-suited for producing video content, and greater flexibility in workplace design. The company plans to install its new headquarters in early 2021.
WWE will lease the space for an initial term of approximately 16.5 years from July 1, 2019, with five renewal options of five years 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 a lease expense). interest for a given period) and an asset under the lease with right of use. (equal to the rental obligation minus rental incentives, which is amortized on a straight-line basis through depreciation). As a result, lease accounting is not expected to have a material impact on the adjusted OIBA. The amortization expense associated with the right-of-use asset will be reflected in operating income. The Company's capital expenditure projections reflect this initiative. These forecasts estimated that capital expenditures would be between $ 70 and $ 90 million for 2019 and that spending in 2020 would have remained above the historical range of about 4% to 7% of revenues. In addition, the Company plans to sell its corporate owned and operated facilities at 1241 East Main Street, to leave the leased space at 1266 East Main Street, and will evaluate options for its production studio facilities at 88 and 120 Hamilton Avenue. according to strategic, operational and operational criteria. financial considerations.
Farewell, the Titan towers. We will always have this: