Xerox Corp. said Friday it had reached an agreement with Rochester-based Buckingham Properties LLC to sell and lease back Xerox Square.
Terms of the deal were not disclosed.
The news is the first step in a long process and does not guarantee the sale will occur, Xerox spokesman Bill McKee said. The next step is for Buckingham Properties to complete a 90-day inspection period.
Assuming the sale is finalized, Xerox will become a long-term tenant of the new owner of the building, McKee said.
The building, where roughly 1,400 employees work, first went on the market in 2009.
Xerox Square consists of 30-story tower, two-story annex and a four-story auditorium, with a total of 850,000 square feet of floor space. The land area is 2.7 acres.
The auditorium seats 700 and the Square location includes a two-story underground parking garage.
Ground was broken on June 28, 1965 and the building—which stands 444 feet above street level—was fully occupied by August 1968.
McKee said selling a building is not new to Xerox.
In recent years, the company sold several facilities in Monroe County, including Building 801 on Jefferson Road in Henrietta to Harris Corp.’s RF Communications division, and the Xerox Recreation Center in Webster to the town of Webster.
In other areas, Xerox consolidates it facilities where it makes sense, including moving its headquarters to Norwalk, Conn., from Stamford, Conn., and consolidating facilities in New York City and Dallas.
Around the world we continue to consolidate facilities where it makes sense, including our headquarters move from Stamford, Conn. to Norwalk, Conn. and consolidating facilities in New York City and Dallas.
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