Thank you for sharing!

Your article was successfully shared with the contacts you provided.

STAMFORD, CT-Late last week, Xerox officials said that, despite continued financial hard times, the copier company is certain it has turned the corner on its recent troubles. While that indeed may be true, the company is still undecided on where it will house its corporate headquarters operations in the near future.

The company, in the midst of a major restructuring, is attempting to sell its corporate headquarters at 800 Long Ridge Rd. here. In addition, Xerox is in the midst of a search for smaller headquarters in Fairfield and Westchester counties.

Christa Carone, a Xerox spokesperson, tells Globest.com that, in terms of the sale of its 255,000-sf headquarters property, “We’re still negotiating with interested parties about our current building.” She adds that talks are progressing and that the company hopes to move out of the building by year end. However, Carone notes that if need be, Xerox could delay the move to the first quarter of 2002.

In terms of its headquarters office search, Carone relates, “We’ve narrowed the list to five or six properties that are located in Westchester and Fairfield.”

The company has visited a host of buildings in both counties since it announced its office space initiative in March of this year. In addition, it is expected that both New York State and Connecticut governments will offer incentive packages to the firm. At the time of the decision to leave the Long Ridge Road building, the company’s HQ workforce was at 350, down from a high of 650 employees.

Xerox has been based in Stamford since 1969 and has been housed at Long Ridge Road since 1978. Xerox owns the corporate headquarters land (25 acres) and has a long-term lease on the headquarters building and other site improvements. The building, is owned by Stamfex Associates, which secured a sale/leaseback transaction with Xerox in 1984. The property also contains a 630-car garage.

On July 25, Xerox reported a second-quarter loss of $281 million but predicted it would return to profitability by the Q4. The restructuring program includes the elimination of 8,600 jobs worldwide since September 2000. The company also states that it is ahead of schedule on achieving $1 billion in cost cuts.

Anne M. Mulcahy, president and chief operating officer of Xerox, commented on the release of its second-quarter financials by saying, “We delivered strong operational cash flow and have clearly turned the corner in improving liquidity and restoring Xerox’s financial strength.” However, Mulcahy, who on July 26 was named the next chief executive, replacing outgoing CEO Paul Allaire, added that the company’s goal of returning to profitability will likely be delayed until the fourth quarter due to “weakening economic markets.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.