Xerox Sells Large Portion of Wilsonville Campus; Employees Will be Mostly Unaffected
The Portland Tribune reports that on December 2nd, Xerox sold a large portion of its 137-acre Wilsonville, Oregon, campus. The company sold approximately 102 acres to Portland-based real estate banking firm ScanlanKemperBard (SKB), which partnered with Oaktree Capital Management for the acquisition. The Portland Business Journal reports that the sale price was $32.7 million.
Xerox sold its buildings 60, 61 and 83, which jointly account for about 625,000 square feet of corporate, manufacturing, and warehouse space. The 35 acres Xerox retained include building 63, where the company houses its operations for color printers. Xerox is said to plan to lease back around 184,000 square feet in buildings 60 and 61 from SKB, or about a third of the area sold through the deal.
“We like to invest in our core business, rather than in real estate,” said Bill McKee, a spokesperson for Xerox. McKee said that for the past 10 years, Xerox has been selling properties and leasing back portions. That was done with Xerox’s corporate headquarters in Connecticut, and with other facilities in Rochester, New York, and Dallas, Texas, he noted.
Xerox’s McKee also said that Xerox’s Wilsonville employees won’t be significantly affected by the sale: “We will be consolidating the employees into less space, but generally employees should notice no difference.”
After acquiring Tektronix’s color Phaser printer business for $925 million, Xerox came to the campus in 1999. At that time, it had about 2,400 employees in Wilsonville, but since then about 50 percent of those employees have been eliminated. In 2013, 3D-printer company 3D Systems acquired more than 100 engineers, lab space, and product-design patents from Xerox as a part of a $32.5 million deal.