Xerox officials say that a number of interested parties have already expressed interest in the property, and an agreement with one of them is expected soon. However, the company released no further details on the possible deal. Xerox expects to vacate the building by year's end.

"Except for our core values, everything about Xerox is changing as we charge ahead and take advantage of the tremendous opportunities of the digital age," comments Anne Mulcahy, Xerox president and chief operating officer. "We are changing our mix of business, our offerings, the way we go to market, our culture and our cost base. It's time we had a new home for a new Xerox."

Company officials say the firm is looking to move to a smaller building that "is more suitable" for its workforce here, which currently totals approximately 350 employees, down from the building capacity at 800 Long Ridge of 650. The company has retained Equis Corp.'s Rochester (NY) office to explore its office space options in the Stamford area.