March 9, 2012 – The Boston Globe – The mayor of Marlborough said Thursday night that the city has agreed to provide a tax break to help lure retail giant TJX Cos. to a pair of office buildings being vacated by Fidelity Investments.
Mayor Arthur Vigeant said in a statement that the city has agreed in principle to a tax increment financing plan to help TJX expand into the buildings at 300 and 400 Puritan Way.
An aide to the mayor, Michael Berry, said the agreement will cover 20 years, but he said he could not provide the amount of the anticipated tax break because the deal is not final.
The matter is expected to go before the City Council on Monday night.
In his statement, Vigeant said: “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.’’
TJX said Wednesday it is buying the buildings and will move an unspecified number of employees to the complex. The two buildings contain about 715,000 square feet, enough room for about 4,000 employees, according to brochure drafted by Cushman & Wakefield, the real estate firm that marketed the buildings.
TJX, which operates the T.J. Maxx, Marshalls, and HomeGoods chains, said the Marlborough buildings will “house certain home office operations and will help TJX accommodate its future growth plans.’’
In a statement, company spokeswoman Sherry Lang also said TJX is “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.’’
The transaction fills a giant hole in the Interstate 495 office market, where Fidelity’s decision to leave a year ago contributed to growing vacancies and declining rents. Overall vacancy in Marlborough’s office buildings is currently about 37 percent, but will decline to 22 percent once the TJX transaction is finalized, according to Cassidy Turley FHO, a real estate services firm.
This story originally appeared here.