New England Institute of Technology yesterday said it will buy a vacant office building and 25 acres of land at the former Rocky Hill Fairgrounds in East Greenwich, filling a gap in land the school is assembling for a proposed campus.

New England Tech said it has entered into an agreement with Rite Aid Corp. for an undisclosed sum to buy the land and a 285,000-square-foot building once intended to house the Brooks-Eckerd corporate headquarters...

...The building’s purchase changes the financial equation for the town, according to Michael B. Isaacs, president of the East Greenwich Town Council.

“The tax revenue from this site is very important to the town,” he said. “What we anticipate as part of this process is some agreement with New England Tech that will address our financial concerns.”