By Nikki Cabus

Office Depot parent company signs new lease through 2033 amongst propsed redevelopment

Read Time 3 Minutes

The joint venture of PEBB Enterprises and BH Group Miami continues to drive momentum at 6600 North Military Trail in Boca Raton with anchor tenant Office Depot signing a long-term lease agreement extending their headquarters at the property.

Almost one year after acquiring the three-buildings totaling 639,830-square-feet for $104 million in a partial sale-leaseback deal, BH Group and PEBB Enterprises are now joined by Miami-based Related Group. The trio is moving forward with plans for a mixed-use redevelopment at the nearly 29-acre site now called The Offices.

ODP Corporation, Office Depot’s parent company, amendeded the lease ensuring that the company’s global headquarters will remain in Boca Raton at 6600 North Military Trail until at least 2033. Previously leasing space spread out across all three towers, the ODP Corp. will now consolidate its headquarters the single central tower occupying 214,684-square-feet.

The propsed mixed-use redevelopment would replace the south tower with 500 multifamily units overlooking the Old Course Broken Sound golf course. Additionally,  the proposed project includes a 36,700-square-foot luxury gym, four retail and restaurant buildings, and two office buildings. The site already includes a fitness center, a cafeteria, an auditorium, many conference rooms and covered parking.

“Corporate office tenants are quickly catching on to the unique appeal of 6600 North Military Trail,” PEBB Chief Investment Officer Eric Hochman, CCIM said.

“Our extensive capital improvements plan for the property will only increase interest in the available office space. We are thrilled that ODP Corp. will continue to operate its corporate headquarters at the property for the foreseeable future.”

On Feb. 13, BH Group, PEBB and Related received an important city zoning ordinance from the Boca Raton City Council approving the planned mixed-use redevelopment. The partnership expects to complete the site plan city approval process during the fourth quarter of 2024.

In January, the partnership signed another lease for 20,388-square-feet of office space with renewable energy company MN8 Energy, one of the largest renewable energy producers in the United States serving large organizations with solar power generation, storage solutions & EV charging stations. Negotiations have begun for several other office spaces.

“In a changing office sector, tenants want to be in dynamic mixed-use environments,” Isaac Toledano of BH Group said. “We are poised to create a true town center for the area and bring Boca Raton new high-quality residences.”

For office leasing information at 6600 N. Military Trail, reach out to Adam Starr at astarr@pebbent.com, for retail, reach out to Jenny Schuemann: jschuemann@pebbent.com. Rendering by Arcadis.