Pebb Enterprises and BH Group, owned by the Toledano family, have secured an $89.9 million loan for their redevelopment project at the former Office Depot headquarters in Boca Raton. The financing, provided by City National Bank with participation from Abanca, will be used to refinance an existing loan and fund the development of a new Equinox facility as well as ongoing office tenant improvements at 6600 North Military Trail.
The 29-acre property, now rebranded as The Eclipse, is undergoing significant changes. Pebb Enterprises, led by Ian Weiner, and Aventura-based BH Group are preserving and renovating two office buildings totaling 405,000 square feet. Additionally, they are developing outparcels that will include 21,500 square feet of retail and restaurant space along with a 37,000-square-foot Equinox fitness center.
Berkadia’s Scott Wadler and Michael Basinski arranged the new financing for the developers.
Current office tenants at The Eclipse include Atlantic Pacific Companies, Kanner & Pintaluga, and MN8 Energy. ODP Corporation—the parent company of Office Depot—sold the campus to Pebb and BH Group in 2023 for $104 million but continues to lease part of the office space.
Plans also call for replacing a third office building on the site with an eight-story apartment complex offering 500 units. For this portion of the project, Pebb and BH have partnered with Related Group from Coconut Grove. Related acquired the multifamily development site for $50 million in July after final approval was granted earlier this year.
BH Group has become increasingly active in South Florida’s real estate market over recent years. In February it purchased a waterfront apartment complex in North Bay Village for $83 million. The group also partnered with Mast Capital on a bulk condo buyout at Bayshore Park in Miami’s Coconut Grove with plans to redevelop it into luxury condominiums.
Pebb Enterprises, BH Group, and Related are collaborating on additional projects such as The Quay at 17th Street in Fort Lauderdale—a planned mixed-use tower featuring residential units and commercial space including a marina.
These efforts reflect a broader trend among developers across South Florida who are repurposing aging suburban office campuses affected by shifts toward hybrid work models. Other examples include Bridge Industrial’s plan to convert Corporate Park of Doral into warehouses spanning nearly 269,000 square feet; Hamilton Development’s warehouse redevelopment at Flagler Station business park; and Keystone Development + Investment’s conversion of offices near Dadeland Mall into apartments.
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