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The buyer and price are unnamed at this point.
“We believe this is the right decision as we continue to look for ways to unlock the value of the company. We are taking this action only after thorough analysis of the operational efficiencies and economic benefits, as well as thoughtful consideration for the approximately 550 employees located here in Stamford,” Carol Wallace, director of External Communications for Pitney Bowes, said in an email.
“It’s a very natural evolution of an older company,” Christopher Bruhl, president and chief executive officer of the Business Council of Fairfield County, said explaining that the building no longer meets the needs of the company. He added that Pitney Bowes has had the building on the market on and off to measure the value of the building and the flexibility it has.
He also said that a transition like the one Pitney Bowes is going through is normal for a city the size of Stamford and that it seems larger because of the historical significance the company has over the past 90 years in the city.
“It has had a distinguished central role in community life for generations,” Bruhl said.
Employees will be relocated to the company’s offices in Danbury and Shelton starting in the first quarter of 2014, the email said. The transition is expected to be completed by June 2014, the email said.
Pitney Bowes is looking to stay close with its next headquarters being in Fairfield or Westchester counties, if not Stamford itself, the email said. “Our primary objective is to ensure that this move is as seamless as possible for all employees,” Wallace said.
While the Business Council does not have any inside information, it did offer its services to help the company and its employees with the transition and search, Bruhl said. He added that being close to New York, on the water, along I-95 and Metro-North Railroad are good factors for keeping the company in the city.
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