Monday, January 13, 2014

OfficeMax to move headquarters to Florida

Currently headquartered in Naperville IL in the OfficeMax Headquarters building on Shuman ($49mm, MLMT 2007-C1, maturity date=7/1/2017, 100% occupied by OfficeMax) announced plans last month to relocate to Boca Raton. Some jobs may stay behind, but I'm guessing not for long.

The loan represents 1.75% of the deal.

OfficeMax Headquarters
The building is pretty decent if anyone is shopping. It was built in '86, renovated in '06, and has over 354k square feet. The sole tenant is paying $13.6 psf in rent, much lower than the average $17 psf for Naperville, and also lower than a competing newer office on the same street with space currently offered at $15.50 psf.
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