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The former Stamford headquarters of sports-entertainment giant WWE has been sold to a local development company that wants to convert the now empty office building into luxury apartments.
WWE’s former 90,000-square-foot office building, at 1241 E. Main St., sold in December for $3.75 million.
The buyer was MB Financial, a Branford- and Boston-based real estate development firm that has been actively developing multifamily and industrial projects in Connecticut and Greater Boston.
MB Financial CEO and Managing Partner Michael Massimino said Wednesday his firm is in the preliminary stages of planning an adaptive reuse of the former WWE headquarters into luxury apartments.
“We think the location is unbelievable, being on the Stanford and Darien line, and it overlooks Long Island Sound,” Massimino said.
The office building, which was built in 1981, is currently empty, he said. It was the longtime home of WWE before the company relocated, starting in 2023, to another downtown Stamford office tower, at 677-707 Washington Blvd., where it occupies about 400,000 square feet.
The East Main Street property was put up for sale last September. The listing was handled by real estate services firm Newmark.
It last sold in 1997 for $12 million, city records show.
The six-story building sits on 1.19 acres, has a covered parking garage with about 300 spaces and a walk-up roof deck. It has an appraised value of $18.1 million as of 2023, according to city records.
Massimino said his firm hopes to have a formal redevelopment proposal ready by the end of the first quarter. A conversion project would need approval from the city.
“We're working with some local zoning attorneys, as well as our internal architectural team just doing an assessment of the layout,” he said.
Office space conversions have become a popular trend in recent years after the pandemic significantly curbed demand for office space.
MB Financial has several active multifamily developments in Connecticut in Clinton, Stratford, Southington and Bridgeport, Massimino said.
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