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The ODP Corporation Completes Sale and Partial Leaseback of Its Corporate Headquarters
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Rhea-AI Summary
The ODP Corporation (NASDAQ:ODP) has completed the sale of its Boca Raton headquarters for approximately $104 million. The company will lease back part of the facility for a minimum of two years, maintaining its presence in Boca Raton, Florida. CFO Anthony Scaglione expressed that this transaction provides the company with enhanced flexibility and reduced annual operating costs. ODP aims to leverage its strong balance sheet and business model to improve asset utilization and boost returns for shareholders. The company is recognized as a leading provider of business services, products, and digital workplace technology solutions.
Positive
Completed the sale of Boca Raton headquarters for $104 million.
Leasing back part of the headquarters will reduce operating costs.
Transaction enhances flexibility for future operations.
Negative
None.
BOCA RATON, Fla.--(BUSINESS WIRE)--
The ODP Corporation (“ODP,” or the “Company”) (NASDAQ:ODP), a leading provider of business services, products and digital workplace technology solutions to businesses and consumers, today announced that it completed the sale of its Boca Raton-based corporate headquarters to a buying entity for approximately $104 million.
ODP’s headquarters will remain in Boca Raton, Florida, and the Company will lease back a portion of the building from the buyer for a minimum of two years.
“We are pleased to complete this transaction as it provides us with greater flexibility and lowers our annual operating costs,” said Anthony Scaglione, chief financial officer of The ODP Corporation. “As we move forward, we remain committed to utilizing the strength of our balance sheet and business model to further improve asset utilization and deliver returns to shareholders.”
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products and services through an integrated business-to-business (B2B) distribution platform and omnichannel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, a B2B digital procurement solution, online presence and a network of Office Depot and OfficeMax retail stores. Through its operating companies Office Depot, LLC; ODP Business Solutions, LLC; Veyer, LLC; and Varis, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Office Depot is a trademark of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. Veyer is a trademark of Veyer, LLC. Varis is a trademark of Varis, LLC. Grand&Toy is a trademark of Grand & Toy, LLC in Canada. Any other product or company names mentioned herein are the trademarks of their respective owners.
