search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHarry Macklowe faces major losses on Miami, Midtown projectsHarry Macklowe faces major losses on Miami, Midtown projectsHere’s how commissions could change with NAR’s new rulesHere’s how commissions could change with NAR’s new rulesRobert Rivani’s Black Lion pays $63M for Miami Beach mixed-use buildingRobert Rivani’s Black Lion pays $63M for Miami Beach mixed-use building
South Florida

Illinois vies for Office Depot’s Boca HQ after merger

Office Depot at 6600 North Military Trail in Boca Raton
Office Depot at 6600 North Military Trail in Boca Raton

Florida and Illinois are facing off to be the home of Office Depot’s headquarters, on the heels of its recent merger with Naperville, Ill.-based OfficeMax.

Office Depot’s 600,000-square-foot headquarters at 6600 North Military Trail in Boca Raton holds a staff of 1,750. Illinois is hoping to host the combined retailer, but first it is facing pension woes. Lawmakers there failed to approve a $53 million tax incentive last week that would attract the new headquarters. 

Sign Up for the undefined Newsletter

John Boyd, a site selection specialist at the Boyd Company in New Jersey, told the Palm Beach Post that the incentive delay will likely put Illinois at a disadvantage. The corporate tax rate is 5.5 percent in Florida, a bit less than the 7 percent rate in Illinois.

“Chicago is one of the more difficult cities to transfer out of,” Boyd told the newspaper. “However, timing is very important in this business, and the timing is not good for Illinois.” [Palm Beach Post] — Mark Maurer

Tags
Boca RatonOffice Depot