TJX Buying Former Fidelity Campus
The TJX Cos. Inc. says it's buying two former Fidelity Investment buildings in Marlborough.
In a written statement, the Framingham-based discount retailer said the buildings will allow for future expansion of its home office operations. It plans to renovate the buildings and move employees into them in late summer or early fall of 2013.
The company did not disclose the purchase price, but the Boston Globe quoted a source familiar with the deal who put the number at $72 million.
The two Framingham buildings, at 300 and 400 Puritan Way in Marlborough, have been a subject of much discussion in the MetroWest commercial real estate world because they represent a large chunk of office space in an area with a great deal of unused space. The Globe said the TJX deal will bring the area's vacancy rate down from 27.4 percent to less than 20 percent.
Last year, Fidelity announced it would close its 1,100-person Marlborough campus and move most of those jobs to company sites in New Hampshire and Rhode Island. Officials with the Boston-based investment giant cited the company's shrunken workforce over the previous few years as a reason for consolidating its New England locations.
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