Office Depot HQ sells for $171M

Office Depot’s headquarters in Boca Raton has been sold by the joint
venture that owns it for $171 million, according to Palm Beach County
records. The buyer of the building is Hub Properties Trust, a real estate investment trust based
in Newton, Mass. The building was developed jointly two years ago by
Flagler and TIAA-CREF, a retirement fund, for a reported cost of $210
million, including an $80 million interior build-out, which was paid for by Office Depot The total space is 625,000 square feet. Office Depot is on a
15-year lease at the space, which
has LEED certification.