STAMFORD, Conn., March 30 /PRNewswire-FirstCall/ -- Pitney Bowes Inc. (NYSE: PBI) today announced that it has closed the sale of its 22-acre main plant site for $33 million to a Greenwich, Conn.-based partnership between Antares Investment Partners and Lubert-Adler Real Estate Funds. As previously announced, the company will record an after-tax gain of approximately $18 million in connection with the sale.

"We were particularly interested in finding a developer that would be both a good partner and neighbor to the community," said Dessa Bokides, Vice President - Finance and Treasurer, Pitney Bowes Inc. "In our opinion the Antares partnership fits that mold."

Pitney Bowes was founded on the 22-acre site in 1920 and throughout the years the campus housed a variety of office, administrative, document services, and manufacturing functions. The company finished relocating employees to other Pitney Bowes locations in Stamford, Newtown, Shelton and Danbury at the end of 2004. The property was marketed nationally as Peninsula Bay by Cushman & Wakefield's Metropolitan Area Capital Markets Group. The company also recently re-confirmed its intention to renovate and stay in its world headquarters near the site, in a facility that it built and has occupied since 1985.

Michael J. Critelli, Chairman and CEO of Pitney Bowes commented, "We are where we are today in part because of the work ethic, values and skills of the men and women who worked in our Main Plant facility over the years. While today marks the end of our ownership of this space, the spirit of innovation and quality fostered within its confines lives in every location where there are Pitney Bowes employees gathered today."

The company continues to be an active partner with its neighbors in the South End of Stamford. During 2004 the company conducted one-on-one and group informational meetings with over 100 community leaders and policy makers to keep them informed and get their feedback about the property disposition process. As part of the process, Pitney Bowes successfully sought to have the property re-classified as a mixed-use site in the City of Stamford's Master Plan. The company felt that the creation of a mixed-use zone that can be applied to the site provides more flexibility and functionality for the surrounding community and the developers. The company is planning an official handover ceremony later this spring.

Pitney Bowes is the world's leading provider of integrated mail and document management systems, services and solutions. The $5 billion company helps organizations of all sizes efficiently and effectively manage their mission-critical mail and document flow in physical, digital and hybrid formats. Its solutions range from addressing software and metering systems to print stream management, electronic bill presentment and presort mail services. The company's 80-plus years of technological leadership have produced many major innovations in the mailing industry, and it is consistently on the Intellectual Property Owner's list of top U.S. patent holders. With approximately 35,000 employees worldwide, Pitney Bowes serves more than 2 million businesses through direct and dealer operations. More information on the company can be found at http://www.pb.com .

The statements contained in this news release that are not purely historical are forward-looking statements with the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by their use of forward-looking terminology such as the words "expects," "anticipates," "intends" and other similar words. Such forward-looking statements include, but are not limited to, statements about growth strategies, market expansion, etc. Such forward- looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: severe adverse changes in the economic environment, timely development and acceptance of new products or gaining product approval; successful entry into new markets; changes in interest rates; and changes in postal regulations, as more fully outlined in the company's 2004 Form 10-K Annual Report filed with the Securities and Exchange Commission. In addition, the forward-looking statements are subject to change based on the timing and specific terms of any announced acquisitions. The forward-looking statements contained in this news release are made as of the date hereof and we do not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

Sheryl Battles

VP, Corporate Communications

203-351-6808

SOURCE  Pitney Bowes Inc.
    -0-                             03/30/2005
    /CONTACT:  Sheryl Battles, VP, Corporate Communications of Pitney Bowes
Inc., +1-203-351-6808/
    /Web site:  http://www.pb.com /
    (PBI)

CO:  Pitney Bowes Inc.; Antares Investment Partners;
     Lubert-Adler Real Estate Funds
ST:  Connecticut
IN:  OFP CPR STW
SU:  RLE

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8538 03/30/2005 08:30 EST http://www.prnewswire.com