Pitney Bowes Closes Sale of Main Plant Site

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Integrated mail and document management systems provider Pitney Bowes Inc. said yesterday that it closed the sale of its 22-acre main plant site for $33 million to a Greenwich, CT-based partnership between Antares Investment Partners and Lubert-Adler Real Estate Funds.

As previously announced, the company will record an after-tax gain of $18 million.

Pitney Bowes was founded on the 22-acre site in Stamford, CT, in 1920 where it housed various office, administrative, document services and manufacturing functions. The company finished relocating employees to other Connecticut locations in Stamford, Newtown, Shelton and Danbury at the end of 2004. The company also recently reconfirmed its intent to renovate and stay in its world headquarters near the site in a facility that it built and has occupied since 1985.

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