The property consists of one three-story and two four-story office buildings totaling 542,000 sf on a nearly 43-acre parcel. In addition to the existing buildings, the site includes a vacant 8.75-acre development parcel. The properties are located at 2200 Germantown Rd., 2100 South Congress Ave., 2300 South Congress Ave. and 2350 South Congress Ave.

The buyer, MS LPC South Congress Holdings LLC, was represented by Lincoln Property Co. senior vice presidents Steven Medwin and Harry Wardell. No other brokers were involved in the sale. Medwin and Wardell will oversee the re-leasing and redevelopment of the property after Office Depot vacates in 2008. "We think it's an underutilized site with redevelopment potential," Medwin tells GlobeSt.com. "It's a good asset in a good location."

The buildings are in good condition, but Lincoln Property plans to update the landscaping and make other improvements after Office Deport vacates the property. There are nine acres of vacant land on the site which may be suitable for multifamily or retail development in the future. "We will make a decision regarding development plans based on the market conditions at the time," he says.

In November, construction began on a new 625,000-sf headquarters for Office Depot in Boca Raton. The facility will be located on 28 acres within a 54-acre site within the Arvida Park of Commerce at 6600 North Military Trail. Plans call for three class A five-story buildings that will be connected by glass-enclosed bridges. Office Depot will lease back the Delray Beach campus until the new headquarters is ready for occupancy.