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WWE selling Titian Towers  Rate Topic 
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 Posted: Thu Mar 21st, 2019 03:10 am
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bpickering
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STAMFORD, Conn.-- WWE (NYSE:WWE) today announced that the company will move its global headquarters to a new office complex at 677 Washington Boulevard in Stamford, Connecticut. This move will allow the company to bring together its operations, including its production studios and corporate offices at its new site.

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. Our workplace initiative will be the foundation to meet these objectives and underpins our ability to deliver long-term value,” said George Barrios, WWE Co-President.

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 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.



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 Posted: Thu Mar 21st, 2019 03:17 am
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One Fan Gang



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1241 Main is hilarious for how it is plopped at the end of two residential streets, has a street sign coming out of the exit gate that reads BUMP, and whose neighbor across Main Street is The Beverage Barn liquor store. Those stately images of the building shot from afar are a bit misleading.

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 Posted: Thu Mar 21st, 2019 08:05 pm
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Titian Towers? Should be a renaissance for the company.



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 Posted: Thu Mar 21st, 2019 09:38 pm
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One Fan Gang wrote: 1241 Main is hilarious for how it is plopped at the end of two residential streets, has a street sign coming out of the exit gate that reads BUMP, and whose neighbor across Main Street is The Beverage Barn liquor store. Those stately images of the building shot from afar are a bit misleading.It's the last building in town - when it was built they were expecting to run all the way up East Main from Downtown to the town line.  That didn't happen.  They partially built up the area within the last ten years but the expected continued '80s explosion of business ended after the Rich buildings were completed in 1986.  At some point, the tax break that Stamford was offering out-of-town companies for moving in just alienated the current businesses and they started moving, so there was no real need for added office space.  But with that said, WWE will make a killing selling that building because the cost that they built it for in the '80s and used it all these years is nowhere near what they'll sell it for.  It is right at the entrance to I-95 and it's within a mile of the Stamford Train Station.



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 Posted: Fri Mar 22nd, 2019 01:27 am
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Maybe they should keep it and put a physical HOF in it along with the other memorabilia they trot out to Wrestlemania every year like the concrete filled corvette. I'm sure it could be remodeled into a WWE tourist gimmick.



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 Posted: Sun Mar 24th, 2019 03:46 am
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tamalie
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I've heard that suggestion in a few places, but there are several factors that undermine the chance of that becoming a reality. Stamford, CT is not a place that any tourist would go out of their way to. One could argue that that baseball HOF is in Cooperstown, the NFL HOF is in Canton, and the basketball hall of fame is in Springfield, MA. However, those HOFs were well established before they evolved into tourist attractions at the level they are today and none of them would be where they're located were they to start from scratch now. There is no compelling reason to go to Stamford and although it's relatively close to NYC, the tourist staying in Manhattan without a rental car has no reasonable way to get there, rendering the proximity moot. Titan Tower is located on a street with some other office buildings and some marginal retail such as its across the street neighbor the Beverage Barn. Cut onto the side streets and its all residential which calls into question the zoning laws of Stamford given the juxtaposition. So you don't have other attractions nearby that would pull in casual or non fans who aren't necessarily looking to go to a WWE HOF, but might want to see it to combine with their other reason for being in the area such as if you put the WWE HOF in Orlando near the theme parks and tourist hotels or in Times Square, not that the latter helped the restaurant at a time when the WWE was much hotter. Titan Tower is also too big and likely not well laid out for this sort of thing. I get fans wanting to see Titan Tower preserved in some way with a wrestling connection, but putting a physical WWE Hall of Fame there would not work. It might not work anywhere to be honest, which is probably a factor in why it hasn't been attempted.

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 Posted: Sun Mar 24th, 2019 04:22 pm
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I had looked Titan Tower up on Google Street View a year or two ago and was shocked that it was indeed at the end of a residential street. Just didn't look like what I had pictured in my mind for so long.



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 Posted: Sun Mar 24th, 2019 04:41 pm
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tamalie wrote: I've heard that suggestion in a few places, but there are several factors that undermine the chance of that becoming a reality. Stamford, CT is not a place that any tourist would go out of their way to. One could argue that that baseball HOF is in Cooperstown, the NFL HOF is in Canton, and the basketball hall of fame is in Springfield, MA. However, those HOFs were well established before they evolved into tourist attractions at the level they are today and none of them would be where they're located were they to start from scratch now. There is no compelling reason to go to Stamford and although it's relatively close to NYC, the tourist staying in Manhattan without a rental car has no reasonable way to get there, rendering the proximity moot. Titan Tower is located on a street with some other office buildings and some marginal retail such as its across the street neighbor the Beverage Barn. Cut onto the side streets and its all residential which calls into question the zoning laws of Stamford given the juxtaposition. So you don't have other attractions nearby that would pull in casual or non fans who aren't necessarily looking to go to a WWE HOF, but might want to see it to combine with their other reason for being in the area such as if you put the WWE HOF in Orlando near the theme parks and tourist hotels or in Times Square, not that the latter helped the restaurant at a time when the WWE was much hotter. Titan Tower is also too big and likely not well laid out for this sort of thing. I get fans wanting to see Titan Tower preserved in some way with a wrestling connection, but putting a physical WWE Hall of Fame there would not work. It might not work anywhere to be honest, which is probably a factor in why it hasn't been attempted.
I’d be satisfied with a 60 minute network special where they show a collection of photos and videos from over the years inside titan tower. 

As far as a physical hall of fame repurpose one of the janitor closets in the new building and stack all of the plaques in there and charge $5.00 to enter.



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 Posted: Sun Mar 24th, 2019 04:44 pm
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Blazer wrote: I had looked Titan Tower up on Google Street View a year or two ago and was shocked that it was indeed at the end of a residential street. Just didn't look like what I had pictured in my mind for so long.
It looks somewhat impressive when you drive past it on the highway though. I’ve never gotten off at the exit though. 



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 Posted: Mon Mar 25th, 2019 03:42 am
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victhestick



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tamalie wrote: I've heard that suggestion in a few places, but there are several factors that undermine the chance of that becoming a reality. Stamford, CT is not a place that any tourist would go out of their way to. One could argue that that baseball HOF is in Cooperstown, the NFL HOF is in Canton, and the basketball hall of fame is in Springfield, MA. However, those HOFs were well established before they evolved into tourist attractions at the level they are today and none of them would be where they're located were they to start from scratch now. There is no compelling reason to go to Stamford and although it's relatively close to NYC, the tourist staying in Manhattan without a rental car has no reasonable way to get there, rendering the proximity moot. Titan Tower is located on a street with some other office buildings and some marginal retail such as its across the street neighbor the Beverage Barn. Cut onto the side streets and its all residential which calls into question the zoning laws of Stamford given the juxtaposition. So you don't have other attractions nearby that would pull in casual or non fans who aren't necessarily looking to go to a WWE HOF, but might want to see it to combine with their other reason for being in the area such as if you put the WWE HOF in Orlando near the theme parks and tourist hotels or in Times Square, not that the latter helped the restaurant at a time when the WWE was much hotter. Titan Tower is also too big and likely not well laid out for this sort of thing. I get fans wanting to see Titan Tower preserved in some way with a wrestling connection, but putting a physical WWE Hall of Fame there would not work. It might not work anywhere to be honest, which is probably a factor in why it hasn't been attempted.

No other tourist attractions?  Have you ever heard of a little thing called The Maury Povich show? Who wouldn't want to white trash it up with rasslin and ghetto father reveals.



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 Posted: Mon Mar 25th, 2019 05:16 am
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Blazer
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I mean there is literally nothing down the street from Titan Tower. I always imagined it was in a posh area with some fine dining establishments down the street, a nice downtown area with buildings, sort of a nice streetscape vibe. Looking on Streetview, there's a liquor store across the street, a few medical-type office buildings, a boatyard place, but that's it. I wonder where Trip and Steph go grab lunch every day.



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 Posted: Mon Mar 25th, 2019 06:03 pm
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bpickering
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The new building that WWE will be moving their Global Headquarters to is the former home of financial company UBS. When UBS operated out of the building, it featured the biggest trading floor in the world, so there will be a TON of space for WWE there. One person joked to me that Titan Tower had a gym, but the new HQ could have its own Performance Center. We are told the new building is located in a more central location in Downtown Stamford. For those traveling there via train, the new HQ will be a short walk from the Stamford train station, where before WWE had a shuttle service to transport employees to the Tower and their production building.

We seem to be getting asked why this is happening a lot over the last week. The company had pretty much outgrown the existing Titan Tower and they were housing different departments, including production, in three different locations, to the point they needed to shuttle employees around and even, at times, have a crossing guard to oversee them going from one place to another. It wasn't conducive for the company to keep operating this way, no matter how nostalgic some are for the Tower. While leaving Titan Tower is being seen as a huge departure and the end of an era, as there is a lot of fondness for the building, the bottom line is that the current-day global company that is WWE needed something that could better house them better. The new building is a big part of the Stamford skyline and will provide WWE with huge brand awareness once they move in and showcase is as the new WWE HQ as well. It's all being seen as a big step forward.

As we noted, the new HQ will provide a TON more space and will allow the company, as they shift to the new location to build a better technological infrastructure for their HQ. It will allow everything under the company's umbrella to be under one roof, which if you're Vince McMahon, will make it a lot easier to oversee everything. We've also heard from a few sources that there is even talk about housing Alpha Entertainment/The XFL in the new building as well, although that's a decision that has not yet been 100% made.

WWE intends to sell the current "Titan Tower" facility. We've had a few people ask if it's possible it could be converted into a WWE Hall of Fame or museum, but I don't think logistically or financially, that's going to be a realistic idea. The Tower had been used numerous times over the years for angles, such as Steve Austin's vignettes where he "took over" the company, the Raw opening filmed on the roof of the facility, the infamous WWF "Get it?" SuperBowl commercial and the episode from the Tower after a blizzard shut down the State of Connecticut.



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PRO WRESTLING HALL OF FAME: http://www.angelfire.com/pa5/old (updated September 2 2018)

RIP UNITED STATES OF AMERICA 1776-2016
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 Posted: Tue Mar 26th, 2019 07:04 pm
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Who wrote that for pwinsider?  His use of commas is atrocious.  There are grade school children who understand comma placement better than that.  Also love the back and forth subject form (we to I).  Just an awfully written, hack piece.  I’m sure the guy is doing this for peanuts or for free, but it is still awful.

Last edited on Tue Mar 26th, 2019 07:05 pm by Blazer



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