TJX Buys Framingham Headquarters For $117M
TJX has purchased its longtime Framingham headquarters for nearly $117 million.
Retail giant TJX Cos. Inc. has purchased its longtime Framingham headquarters for nearly $117 million, according to the state's Registry of Deeds.
The purchase of two separate pieces of land at 770 Cochituate were completed today. One parcel purchased had a price tag of $107.6 million, while the other's was $9 million.
According to the registry, the sellers of the most costly portion were Jon Campanelli and Robert Demarco, operating as Campanelli Framingham Trust. The other sellers were Frank W. Generazio Jr., Thomas A. Generazio, Thomas Generazio Sr. and Richard L. Generazio of Generazio Realty Trust.
TJX, the parent company of off-price retailers TJ Maxx, Marshalls and Home Goods, agreed to purchase the long-leased property as part of a 20-year tax increment financing (TIF) agreement with the Town of Framingham worth $6.5 million. The company also agreed to renovate the headquarters and add 225 jobs.
TJX also received $3 million in state tax credits for those plans and others that involve expanding into the former Fidelity Investments campus in Marlborough. Those credits came in addition to the 20-year, $11-million TIF agreement awarded to the company by the City of Marlborough.
The purchase comes along with big growth for TJX. Earlier this month, it reported a 9-percent year-over-year increase in sales for June, to $2.3 billion. For a 22-week period that ended June 30, sales reached $10 billion, a 10-percent jump from 2011, which put the company on pace to make almost $24 billion in annual revenue. Last year, its profits were $1.5 billion on net sales of $23.2 billion.
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