Framingham-based TJX Companies is buying two Fidelity Investment buildings in Marlborough.
According to a statement from the retailer, TJX has signed a purchase and sale agreement for 300 and 400 Puritan Way. Company officials said the space will house certain home office operations and accommodate future growth.
Sherry Lang, a spokeswoman for TJX said in a statement: "We are concurrently working hard to maintain our home office location at 770 Cochituate Road in Framingham, which, together with Marlborough, would provide TJX with two major campuses operating in close proximity to one another."
TJX plans to renovate the property and does not anticipate moving in before late summer/early fall 2013, the company said.
The two buildings total 716,960 square feet and include two cafeterias, a 320-seat auditorium, a conference center and a fitness center, according to a brochure by Massachusetts Alliance for Economic Development.
The property , known as "Corporate Crossing at 495," is being brokered by Cushman & Wakefield. It includes 3,497 parking spaces, the MassEcon listing says.
Marlborough Mayor Arthur Vigeant said that the city has agreed in principle to a Tax Increment Financing (TIF) plan that would allow TJX to expand its operations into Marlborough.
"Working with City Council President Trish Pope and the members of the City Council, I look forward to working with the leaders from TJX and the Marlborough Economic Development Corporation to finalize a competitive package that will allow new investments to be made in Marlborough, while bringing needed revenue to the city, and most importantly, jobs for our residents," the mayor said in a statement.
Details of the TIF package were not released, but are expected to be discussed at Monday night’s City Council meeting.
While the company has not disclosed a purchase price, reports claim it will cost about $72 million to purchase the buildings. Thanks to the expected expansion, the area’s vacancy rate should drop to below 20 percent from the current vacancy rate of 27.4 percent.
Fidelity announced it would close its 1,100-person Marlborough campus last year. The majority of jobs were lost to sites in New Hampshire and Rhode Island.
