WWE pins late 2022 for headquarters move
STAMFORD — The revival continues at 677 Washington Blvd., with the downtown office complex that once housed the local offices of banking giant UBS having clinched more than 120,000 square feet of new leases from companies, including tobacco giant Philip Morris International.
Its largest tenant, which has leased about 415,000 square feet, plans to join those newcomers by the end of next year.
In response to an inquiry from Hearst Connecticut Media, WWE said this week that it is targeting late 2022 to start moving employees into its new headquarters at 677 Washington. The company is still headquartered in its longtime building on the city’s East Side, at 1241 E. Main St., which stands two miles east of 677 Washington.
A WWE spokesperson confirmed the timetable for opening the new headquarters, but the company declined to comment further on the relocation.
Including WWE, 677 Washington is about 95 percent leased. Among its neighbors, Philip Morris International has leased about 71,000 square feet. Now headquartered in midtown Manhattan, PMI plans to move in next summer.
In March 2019, WWE announced its decision to relocate to 677 Washington and lease space for offices in the 13-story tower and a production center in the adjacent seven-story pavilion, where UBS once operated one of the world’s largest trading floors. At that point, WWE officials said they anticipated making the move in early 2021.
The COVID-19 pandemic disrupted the schedule. In April 2020, the company announced a number of costsaving measures that included the deferral of spending on the buildout of the new headquarters.
For many years, WWE has maintained a significant presence in Stamford. It owns its building at 1241 E. Main and a production center a few blocks away at 88 Hamilton Ave. In addition, it leases offices at 1266 E. Main.
“Upon completion of our move to the new global headquarters, we expect to sell our owned and operated corporate facility, exit our leased spaces and will evaluate options for our television production studio facilities based on strategic, operating and financial considerations,” the company said in its 2020 annual report.
During the second quarter of this year, WWE ranked as Stamford’s 12th-largest employer, with about 700 employees, according to the city’s Office of Economic Development.
WWE executives said they are optimistic about the company’s trajectory, highlighting the return of fans to shows. Live event touring resumed July 16, with a show in Houston that launched a 25-city tour.
In the third quarter, WWE’s revenues rose 15 percent year-over-year to about $256 million. The increase reflected higher ticket sales and, to a lesser extent, venue merchandise sales, that resulted from the return of ticketed live events, including SummerSlam, which was held Aug. 21 at Allegiant Stadium outside Las Vegas.
“Our solid financial results are pretty strong as a result of the global demand of all things WWE, including a return to live event touring, which is unlike any other media company,” WWE CEO and Chairman Vince McMahon said Nov. 4 on the company’s third-quarter earnings call. “This is where the WWE brand really comes alive in so many different respects.”