He declined to disclose an estimated cost for a new headquarters. "Although plans are under way," he says, "no final agreements for acquisition of the land that is under consideration or of specific building specs have been reached." Nevertheless, he confirms that a move by 2008 "is anticipated."
A little more than a year ago, following a change of CEOs, Office Depot scrapped plans for a $100-million headquarters facility here at the T-Rex Corporate Center on Yamato Road, which the interim CEO considered too expensive. A new chairman and CEO, Steve Odland, took over the reigns in March 2005.
The current 35-acre headquarters complex on Old Germantown Road in Delray Beach consists of three buildings. It lacks adequate parking and conference space for the approximately 2,000 employees. And it is also not technologically up to date. According to published reports, that facility is likely to be redeveloped into a mixed-use property that combines office and residential space.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.