Office Depot Breaks Ground on New Global Headquarters in Boca Raton

Construction to start with 625,000-s.f. facility


Incorporated in 1986 and headquartered in Delray Beach, Fla., Office Depot has annual sales of nearly $15 billion, and employs approximately 50,000 associates around the world. Currently, the Company sells to customers directly or through affiliates in 42 countries.

Office Depot is a leader in every distribution channel -- from retail stores and contract delivery to catalogs and e-commerce. As of September 30, 2006, Office Depot had 1,121 retail stores in North America and another 323 stores, either company-owned, licensed or franchised, in other parts of the world. Office Depot serves a wide range of customers through a dedicated sales force, telephone account managers, direct mail offerings, and multiple web sites. With $4.2 billion in online sales during the last twelve months, the Company is also one of the world's largest e-commerce retailers.

Office Depot's common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.

Florida East Coast Industries, Inc., (FECI) headquartered in St. Augustine, FL, conducts operations through Flagler Development Group (Flagler) and Florida East Coast Railway, L.L.C. (FECR). FECI conducts its real estate operations through Flagler which owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 1.1 million square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party brokerage and property management (approximately 10.5 million square feet) services and owns 828 acres of entitled land in Florida, which is available for development of up to an additional 15.8 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. Florida East Coast Railway, L.L.C. (FECR), a subsidiary of FECI, is a regional freight railroad that operates 351 miles of mainline track from Jacksonville to Miami and provides intermodal drayage services at terminals located in Atlanta, Jacksonville, Ft. Pierce and Miami. For more information, visit the Company's website at http://www.feci.com.

CONTACT: Office Depot, Delray Beach Brian Levine, 561-438-2895 Brian.Levine@officedepot.com KEYWORD: FLORIDAINDUSTRY KEYWORD: RETAILSOURCE: Office Depot

<<Business Wire -- 11/21/06>>