The plan would be for Xerox to then lease back space within the building. Currently, about 1,400 Xerox employees work in the 30-story tower. The sale is consistent with Xerox's long term strategy to invest in its core business, as opposed to real estate.
The next step is for Buckingham to complete a 90-day inspection period before the sale can be finalized. Xerox plans to remain a long term tenant in the building.