Clarks Shoes is in final talks to relocate its North American headquarters from Newton to the former Polaroid building alongside Route 128 in Waltham.

Sources familiar with the transaction said the British shoe manufacturer and retailer would occupy the entire 120,000-square-foot structure, which was partially demolished in recent years to allow a custom build-out for the next generation of office tenants.

The Clarks Cos. N.A. would become the first major office tenant to commit to 1265 Main St., a 280,000-square-foot mixed-use development. The 40-acre first phase of development also includes a Market Basket supermarket, Marshalls discount store and Jake n Joes restaurant that opened late last year.

Clarks’ North American headquarters is currently located at 26 Oak St., a refurbished mill building in Newton Upper Falls. Clarks signed a lease expansion for 87,411 square feet in 2006 and for an additional 23,030 square feet in 2012.

An attorney for developer 1265 Main St. LLC, Carmine Tomas, declined to comment. Tammy Diorio, Clarks’ director of real estate, also declined to comment.

Attempts to redevelop the 119-acre site go back nearly a decade under three separate development teams. The overall build-out could include up to 1.2-million square feet of commercial development, but the next phase is contingent upon construction of a direct ramp to Route 128.

It would be the second recent major office deal in Waltham anchored by a shoe manufacturer. Rockford, Mich.-based Wolverine Worldwide leased 150,000 square feet to kick off construction of 10 CityPoint, a 230,000-square-foot office building developed by Boston Properties near exit 27 off Route 128. Wolverine, the parent of the Sperry Top-Sider, Saucony, Keds and Stride Rite brands, will move from 191 Spring St. in Lexington. Completion of 10 CityPoint is expected in mid-2016.