BOCA RATON, Fla. — Office Depot has sold its corporate headquarters in Boca Raton for about $104 million.
The office supply company announced Thursday in a news release that it has completed the sale of its headquarters on Military Trail "to a buying entity for approximately $104 million."
"We are pleased to complete this transaction as it provides us with greater flexibility and lowers our annual operating costs," Anthony Scaglione, Office Depot's chief financial officer, said. "As we move forward, we remain committed to utilizing the strength of our balance sheet and business model to further improve asset utilization and deliver returns to shareholders."
Office Depot said its headquarters will remain in Boca Raton and the company will lease back a portion of the building from the buyer for a minimum of two years.
The company moved from its old corporate headquarters in Delray Beach into its Boca Raton building in 2008.