BOCA RATON, FL-In what is being described as the largest build-to-suit transaction in 2006, Jacksonville-based Flagler Development Ground and New York City-based TIAA-CREF Global Real Estate Group broke ground on new 625,000-sf headquarters for Office Depot. Office Depot is eyeing a fourth quarter 2008 move-in date.

The facility will be located on 28 acres within a 54-acre site owned by Flagler and TIAA-CREF within the Arvida Park of Commerce at 6600 North Military Trail. Plans call for building three class A five-story buildings that will be connected by glass-enclosed bridges and situated adjacent to the Old Course at Broken Sound. Plans also call for building a plaza for outdoor gatherings, a conference center, cafeteria and employee fitness center. The project cost was not released.

“The creation of a new global headquarters marks a significant milestone in Office Depot’s history,” notes Office Depot chairman and CEO Steve Odland. “It symbolizes not only our growth–from a company operating a single store in South Florida to a $15-billion enterprise serving customers in 42 countries–but also our commitment to the local community that gave us our start.”

Flagler COO Jose Hevia tells that Office Depot selected the site for several reasons. The site is in close proximity to its existing site in Delray Beach so the company will not have to move far. Also, the company currently occupies approximately 524,000 sf so the new headquarters represents an expansion. “The buildings [in Delray Beach] are designed as stand-alone buildings which makes going in between buildings difficult,” Hevia says. “The new headquarters will be more efficient.”

Hevia did not release the lease rates for the space, but according to a Grubb & Ellis Q3 market report for Palm Beach County, class A office space in Boca Raton rents for an average of $28.98 per sf.

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