Related Group lands $177 million for 494 apartments at Office Depot HQ

Related Group has secured $177.3 million in construction financing from Wells Fargo to build Broken Sound Residences, a 494-unit rental complex on the former Office Depot headquarters campus in Boca Raton, Fla., Commercial Observer reported on Monday.

The loan moves forward one of South Florida's most visible makeovers of a corporate campus, a 28-acre office site being turned into a mix of apartments, shops, a gym and offices. Wells Fargo, acting as administrative agent, raised an existing loan that had $36.6 million outstanding by $140.7 million, according to public mortgage documents cited by Commercial Observer.

The apartments are the biggest piece of the plan. Broken Sound Residences will sit on about 9.9 acres at the southern end of the site and include 494 rental homes, 50 of them priced as workforce housing, Boca Post reported. Balfour Beatty Construction is the general contractor, Connect CRE reported. The building, designed by MSA Architects, will be split into three tiers: 223 Manor units, 239 Icon units with access to a private rooftop lounge, and 32 Reserve units. The developers have promised more than 23,000 square feet of indoor amenities, including two pool decks with private cabanas, hot tubs and a cold plunge, a courtyard with a third pool, a speakeasy lounge, a private dining room, a golf simulator and coworking lounges, according to Boca Daily News. Completion is slated for the summer of 2028.

The financing follows a two-step sale of the campus. A joint venture of BH Group and PEBB Enterprises bought the property for $104 million in 2023 from ODP, Office Depot's parent company, with plans for a mixed-use redevelopment. Last year Related, the Miami-based developer, paid $50 million for the residential parcel, though documents suggest the sellers kept stakes in the apartment project, Commercial Observer reported. Related began demolishing an office building on the site in August.

The rest of the campus, branded The Eclipse, is already filling up. About 405,000 square feet of office space across two buildings will remain, and four new retail and restaurant buildings totaling nearly 43,000 square feet are being added. Equinox plans a 37,000-square-foot club, and law firm Kanner & Pintaluga has taken nearly 78,000 square feet. ODP kept a presence on the campus, signing a lease for 214,684 square feet in 2024.

The office space is close to full. In February, the membership-based medical provider MDVIP signed an 11-year lease for about 49,000 square feet to move its headquarters to The Eclipse, bringing the offices to 98% leased, according to Boca Post. Other tenants include Atlantic | Pacific Companies and MN8 Energy.

The commercial side has its own financing. In November 2025, BH Group and PEBB closed on an $89.88 million loan from City National Bank, with Abanca participating, to pay for office tenant improvements and the Equinox build-out, Boca Post reported.

The deal adds to a run of investment in Boca Raton, where the original developer of the downtown Mizner Park complex recently bought it back. For Office Depot, the site marks a long arc. The company moved into the building in 2008, after Boca Raton's city council approved the original office complex in 2006. In February 2025, the council approved plans to demolish about 245,983 square feet of office space, roughly a third of the total, to make room for the new homes and shops.

A representative for Related Group had not commented, according to Commercial Observer. With the construction loan in place, the next milestone is the opening of Broken Sound Residences in the summer of 2028. More property coverage is in the Real Estate Sector.