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:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

New York
Office