BH Group, PEBB Enterprises Sign Long-Term Lease Extension with ODP Corp. at 6600 North Military Trail
BOCA RATON, FL – Feb. 28, 2024 – BH Group and PEBB Enterprises continue to generate momentum at 6600 North Military Trail in Boca Raton. The joint venture completed a significant office lease transaction, with anchor tenant ODP Corp. signing a long-term lease extension at the property.
ODP Corp.’s amended lease ensures that the company’s global headquarters will remain in Boca Raton at 6600 North Military Trail until at least 2033. It is further consolidating space and will now occupy the entire 214,684-square-foot of leasable area within the central tower after previously leasing space spread out across the three towers. BH Group, PEBB and Related Group are proposing a mixed-use redevelopment to replace the southern office tower with 500 multifamily units to wrap around the southern parking garage and overlook the Old Course at Broken Sound golf course.
“Corporate office tenants are quickly catching on to the unique appeal of 6600 North Military Trail,” PEBB Chief Investment Officer Eric Hochman said. “Our extensive capital improvements plan for the property will only increase interest in the available office space. We are thrilled that ODP Corp. will continue to operate its corporate headquarters at the property for the foreseeable future.”
On Feb. 13, BH Group, PEBB and Related received a critical city zoning ordinance approval for the planned mixed-use redevelopment from the Boca Raton City Council. The partnership’s proposed project includes 500 multifamily units, a 36,700-square-foot luxury gym and four retail and restaurant outparcel buildings totaling +/- 42,000 square feet. The other two office buildings totaling 407,500 square feet will remain with the northern tower being converted into a class-A multi-tenant office building.
The partnership expects to complete the site plan city approval process during the fourth quarter of 2024.
“In a changing office sector, tenants want to be in dynamic mixed-use environments,” Isaac Toledano of BH Group said. “We are poised to create a true town center for the area and bring Boca Raton new high-quality residences.”
BH Group and PEBB acquired the 6600 North Military Trail site in April 2023. The joint venture was honored with the South Florida Business Journal’s Terry Stiles Deal of the Year Award during the publication’s annual Structures Awards event in recognition of the impactful acquisition.
The site includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Country Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking.