Related Group Buys Site Within Former Office Depot HQ for $55M
By Julia Echikson July 23, 2025 2:33 pm
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BH Group and PEBB Enterprises sold a development site within the 29-acre former headquarters of Office Depot in Boca Raton, Fla., to Related Group for $50 million, the sellers announced.
A 500-unit multifamily building will replace an office building, while a parking garage will remain on a 9.9-acre portion of the site. Demolition is expected to begin in September.
“There continues to be incredible demand for high-design, lifestyle-first rental properties in prime locations, and this project checks every box,” Related Group CEO Jon Paul Pérez said in a statement.
Two years ago, national retailer Office Depot sold its longtime corporate headquarters at 6600 North Military Trail for $104 million to BH Group and PEBB Enterprises. The owners are repositioning the site into a mixed-use complex.
The plans, which local officials approved in February, call for 405,000 square feet of office space across two buildings, along with four new retail and restaurant buildings that together will total nearly 43,000 square feet.
Luxury gym chain Equinox has already signed on to open a 37,000-square-foot location. On the office front, law firm Kanner & Pintaluga is taking nearly 78,000 square feet. Last year, Office Depot itself inked a 214,684-square-foot renewal of its office space.
Julia Echikson can be reached at jechikson@commercialobserver.com.
