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Home > Real Time > Archives > 2008 > March > 27 > Entry

Builder-banker looks elsewhere amid “depressed” real estate market

By Jeff Ostrowski | Thursday, March 27, 2008, 05:17 PM



I wrote here yesterday about GL Homes’ decision to spend $117 million on land, in spite of the down market. Levitt Corp., owner of bankrupt builder Levitt and Sons, has a different strategy: Buying up shares of Delray Beach-based retailer Office Depot.

alan levan.JPG
Alan Levan (right), head of Levitt and BankAtlantic, last week launched a proxy fight to remove Office Depot CEO Steve Odland. Levitt’s balance sheet shows $195 million in cash, and Levan says he’s looking for a place to put that money to work.

“In light of the depressed state of the real estate industry, Levitt is expanding to other investment opportunities,” Levan told me last week.

Read more about the Levan-Odland battle here.


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