Xerox will soon be a tenant, and not an owner of the big building they occupy in downtown Rochester.
Local developer Larry Glazer, CEO of Buckingham Properties, says his company, along with another investor, are closing on that deal Friday. It is a $40 million deal.
It was first announced a few months ago that Xerox would be selling the building to Buckingham, and then lease back the 29 story structure and associated buildings.
Xerox officials have said the arrangement is just part of their emphasis on focusing on core strategies, rather than being involved in real estate.
Glazer tells WXXI News it's a good investment for his company.
“It's a great building, Xerox is a great tenant, they are committed to being in Rochester, at least for the next 8 years, and they have options to stay longer than that. Our feeling is, if we do a good job providing them the services, perhaps they'll stay."
Buckingham is involved with a number of other local projects including re-developing the former Midtown Plaza tower and the Alexander Park complex just off Monroe Avenue.