Pebb Enterprises and the Toledano family’s BH Group have secured an $89.9 million loan to support their redevelopment of the former Office Depot headquarters campus in Boca Raton. The funding, provided by City National Bank with participation from Abanca, will be used to refinance existing debt and help develop an Equinox fitness facility, as well as continue office tenant improvements at 6600 North Military Trail.
The project, now branded as The Eclipse, involves repurposing the 29-acre suburban office campus—a trend seen across South Florida as developers respond to shifts in workplace habits such as hybrid work. Pebb, led by Ian Weiner, and BH Group are preserving and renovating two office buildings totaling 405,000 square feet and developing outparcels that will include 21,500 square feet of retail and restaurant space along with a 37,000-square-foot Equinox facility.
Berkadia’s Scott Wadler and Michael Basinski arranged the financing for the deal. Tenants at the site include Atlantic Pacific Companies, Kanner & Pintaluga, MN8 Energy, and ODP Corporation—the parent company of Office Depot—which sold the property for $104 million in 2023 but continues to lease part of the space.
To replace a third office building on the site, Pebb and BH Group are working with Related Group—owned by the Pérez family—to build an eight-story apartment complex with 500 units. Related acquired the multifamily development parcel for $50 million in July after final project approval was granted in February.
BH Group has become increasingly active in South Florida real estate over recent years. In February it purchased a waterfront apartment complex in North Bay Village for $83 million and has partnered on other significant redevelopment projects throughout Miami-Dade County.
Elsewhere in South Florida, similar redevelopment efforts are underway. Bridge Industrial is planning to convert Corporate Park of Doral into warehouses totaling nearly 269,000 square feet. Hamilton Development aims to redevelop properties at Flagler Station business park into more than 300,000 square feet of warehouse space. Keystone Development + Investment is carrying out what is believed to be South Florida’s only office-to-residential conversion at Dadeland Boulevard in Kendall by creating 212 apartments near Dadeland Mall.
Developers across the region are increasingly targeting aging suburban office campuses for new uses amid changing demand for traditional office space.
