Office Depot, a well-known office supply retail company, has sold its Boca Raton headquarters for $104 million. The deal was completed with a joint venture between Boca Raton-based real estate investment firm Crocker Partners and a fund advised by DRA Advisors.
The office building, located at 6600 North Military Trail in Boca Raton, was purchased by Office Depot in 1993 and has served as its headquarters for several decades. The building spans over 625,000 square feet and sits on 36 acres of land.
Office Depot’s decision to sell the headquarters comes as the company continues to shift its focus towards a more digitally-focused business model. The move will allow Office Depot to reduce its real estate footprint and free up capital for investment in technology and other strategic initiatives.
Crocker Partners, the joint venture partner in the acquisition, is a well-respected real estate investment firm with a strong presence in South Florida. The company’s portfolio includes over 6.5 million square feet of office space in the region, including several high-profile properties in downtown Boca Raton.
DRA Advisors, the other joint venture partner, is a New York-based investment firm that manages over $10 billion in assets. The firm has a long track record of investing in real estate assets across the United States, and has a particular focus on office, retail, and industrial properties.
The sale of the Boca Raton headquarters is a significant move for Office Depot, as it marks the end of an era for the company’s presence in South Florida. However, the sale is also a strategic decision that will allow the company to focus on its core business and position itself for future growth.
The sale of the Boca Raton headquarters is a win-win for all parties involved. Office Depot will be able to reduce its real estate footprint and free up capital for investment in strategic initiatives, while Crocker Partners and DRA Advisors will be able to add a high-quality office property to their portfolios. The transaction is also a positive sign for the South Florida real estate market, which continues to attract strong investor interest.
