Office Depot snagged $118 million in refinancing for its corporate headquarters in Boca Raton.
The office supply retailer scored the loan from JPMorgan Chase Bank for its headquarters at 6600 North Military Trail, records show. In addition to the refinancing, Office Depot also announced this week that it has paid off its term loan that was due in 2022, according to a press release. It did not disclose the amount of the loan.
Many real estate owners are looking to refinance their properties to take advantage of low mortgage rates.
Office Depot purchased its 651,265-square-foot building in Boca Raton for $132 million in 2017 from a company tied to Sam Zell https://therealdeal.com/miami/tag/sam-zell/, records show.
The company is one of the few large publicly traded companies with a corporate headquarters in South Florida.
Under the leadership of its CEO Gerry Smith, Office Depot has said it’s pivoting away from being a traditional office retailer to a provider of business services and support for small and medium-sized businesses.
Office Depot reported sales of $10.6 billion in fiscal 2019, down 3 percent from 2018. The company’s total operating income was $191 million in 2019, down from $254 million the previous year.