A joint venture between Lincoln Property Co. and Morgan Stanley Real Estate acquired Office Depot’s headquarters campus in Delray Beach, Fla., for $80 million, the companies announced Thursday.
MS LPC South Congress Holdings LLC’s gained one 3-story and two 4-story office buildings totaling 542,000 rentable square feet, and is situated on a nearly 43-acre parcel. In addition to the existing buildings, the site includes a vacant 8.75-acre development parcel.
The property addresses include: 2200 Old Germantown Road, 2100 South Congress Ave., 2300 South Congress Ave. and 2350 South Congress Ave. Office Depot is leasing back the entire campus for two years while the company’s new headquarters is being built in nearby Boca Raton.
The property will be redeveloped when Office Depot vacates in late 2008, according to a press statement.