Related Lands $141M to Turn Former Office Depot HQ Into 544 Apartments

• Related Group, working with BH Group and PEBB Enterprises, secured an additional $140.7 million from Wells Fargo for Broken Sound Residences, bringing reported project financing to approximately $176.5 million.
• The residential development at the former Office Depot headquarters site is planned to include 494 luxury apartments and 50 workforce housing units.
• The broader 29-acre redevelopment, known as The Eclipse, includes 405,000 square feet of existing office space, new retail and restaurant buildings, and a nearly 37,000-square-foot Equinox fitness club.

What Related Group Is Building at Broken Sound Residences

Boca Raton's former Office Depot headquarters is undergoing a major transformation, with Related Group securing additional construction financing for Broken Sound Residences. The residential project is part of the larger redevelopment at 6600 North Military Trail. Plans call for 494 luxury rental apartments alongside 50 workforce housing units, creating a substantial new residential component within the former corporate campus. Wells Fargo provided the additional $140.7 million in financing. The transaction brings the reported financing total to approximately $176.5 million, supporting construction of the apartment development. The residential portion occupies a separate parcel within the larger campus. Related Group is leading the residential development alongside its partners BH Group and PEBB Enterprises, which originally acquired the former Office Depot property in 2023.

What BH Group and PEBB Enterprises Are Delivering at The Eclipse

The residential development is one component of the broader The Eclipse redevelopment, led by BH Group and PEBB Enterprises in partnership with Related Group on the apartments. The commercial portion will retain approximately 405,000 square feet of existing office space across two buildings. Plans also include four new retail and restaurant buildings totaling nearly 43,000 square feet, plus a 37,000-square-foot Equinox fitness club. Leasing has been a major part of the project's progress. The office component is reportedly 98% leased, while retail space is approximately 70% pre-leased, according to the development team. The office tenant roster includes ODP Corp., Kanner & Pintaluga, Atlantic | Pacific Companies and MDVIP. The MDVIP headquarters lease added nearly 49,500 square feet and helped bring the office buildings close to full occupancy.

What the Financing Means for Boca Raton Investors

The Wells Fargo financing is a significant milestone for the residential portion of the redevelopment. It also demonstrates lender participation in a project combining rental housing with an established commercial property. For multifamily investors, Broken Sound Residences adds a sizable apartment development to Boca Raton's rental inventory. The workforce housing component broadens the project's target renter base beyond luxury tenants. The commercial leasing figures are another important part of the investment story. With office occupancy reportedly near 98%, the existing buildings provide an established tenant base while the residential and retail components move forward.

What Comes Next for the Former Office Depot Headquarters

The redevelopment is progressing from a corporate headquarters into a mixed-use destination combining apartments, offices, retail, dining and fitness. Construction on Broken Sound Residences is underway, with completion reported as targeted for summer 2028. The retail and Equinox components are also advancing as BH Group and PEBB Enterprises continue repositioning the commercial campus. For landlords and investors, the project highlights the potential of repurposing large corporate properties into diversified real estate assets. The combination of rental housing, highly leased office space and new retail destinations gives the former headquarters a different role in Boca Raton's commercial landscape.