RENT COLLECTOR ROSS: Ross Stores Inc. isn’t shying away from bricks and mortar. The Pleasanton, Calif.-based off-pricer has agreed to buy the building that houses its New York buying office, at 1372 Broadway on the corner of 37th Street, for $222 million by Sept. 20 of next year. Ross will post a 10 percent deposit for the 21-story structure and would forfeit the $22.2 million if it chose or was unable to complete the purchase, according to a Securities and Exchange Commission filing.
The company said it’s reviewing financing alternatives for the building, which was built in 1914 and, including land, was listed as having a market value of just over $200 million. It was purchased last year by Starwood Capital Group and Herald Square Properties LLC for an undisclosed amount.
This story first appeared in the October 28, 2013 issue of WWD. Subscribe Today.