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News > Xerox sells US base for $40 million

Xerox sells US base for $40 million

 Xerox Square in Rochester, New York, will be leased back to the OEM after the sale.

Xerox Square in Rochester, New York

Xerox Square in Rochester, New York

Democrat and Chronicle reported on the sale of the site, said to be “Rochester’s iconic office building”, to local company Buckingham Properties for $40 million (€30.1 million), with the deal including not only the 30-storey office tower but also an adjacent auditorium, an annex and an underground car park.

The property has been on the market since 2009, and as part of the deal, Xerox will remain in the building as tenant “for at least eight years”, according to Buckingham Properties’ CEO Larry Glazer, who added his hope that Xerox “remains there for a long, long time. Nothing is forever but we want them to stay in Rochester”.

At this time, 1,400 employees work for Xerox in the tower, and the OEM noted that its intention to sell was due to a wish to “focus on their core businesses and to invest less in real estate”. The tower is both the city’s tallest building and one of its most recognisable, and was built in 1965, and despite Xerox moving its headquarters to Connecticut in 1969, it has retained a “sizable workforce and manufacturing facilit[y] in the Rochester area” since.

Xerox spokesman Bill McKee stated of the sale: “Today, we completed the sale of Xerox Square to a newly created company, 100 S. Clinton LLC, affiliated with Buckingham Properties of Rochester. As part of the arrangement we have agreed to lease the entire Xerox Square facility for eight years with the option to renew. Xerox people should expect no changes to their work location as the result of the sale.”

Rochester’s Mayor Thomas Richards stated: “This sale [...] will help us stabilize the Center City workforce as we focus on other high-profile projects, including the Midtown development project, the Sibley Building and the RTS transit centre.”