BOCA RATON, FLA. — A joint venture between BH Group and PEBB Enterprises has acquired the Office Depot headquarters campus in Boca Raton for $104 million.
The 650,000-square-foot asset was built in 2008 on 28.9 acres as a build-to-suit development for Office Depot. The buyers plan to renovate the property to make it a multi-tenant campus, then lease approximately half of the space back to Office Depot.
The property features three five-story, LEED Gold-certified office buildings with backup generators and hurricane-proof windows. Amenities include an onsite cafeteria, outdoor patio, fitness center, conference center, auditorium and two parking garages.
Located three miles west of I-95, the campus sits adjacent to famed golf course The Old Course at Broken Sound and 700-acre master-planned community The Park at Broken Sound. The complex is also located 1.5 miles north of Lynn University and the Boca Raton Innovation Campus, as well as three miles north of Florida Atlantic University.
John Criddle, Joe Freitas and Max Pawk of CBRE will market the vacant space for lease following the renovations.
“For the first time since the campus was constructed, the North Tower office building will be available as a multi-tenant property with floorplates of approximately 40,000 square feet,” says Joe Freitas. “Boca Raton is buzzing with development activity, and tenants of this property will be able to enjoy the growing community nearby, including new multifamily and retail developments.”
Berkadia’s Scott Wadler, Jaret Turkell, Mitch Sinberg, Brad Williamson, Matt Robbins and Michael Basinski arranged $63 million in acquisition financing on behalf of the joint venture. City National Bank provided the funds.
— Channing Hamilton