BH Group, PEBB Enterprises JV acquires Office Depot headquarters in Florida

A joint venture consisting of BH Group and PEBB Enterprises has paid $104 million to acquire the 650,000-square-foot Office Depot headquarters campus in Boca Raton, Fla.

The JV partners plan to renovate the property to make it a multi-tenant campus and then lease about 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.

“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,” said Joe Freitas, a first vice president for CBRE’s agency leasing team. CBRE will market the vacant space for lease following the renovations. “Boca Raton is buzzing with development activity, and tenants of this pro