The company is headquartered in New York, but its first official presence on Manhattan Island will be 19,800 sq ft of second-floor space at 350 Hudson Street.
Jason Pizer, president of Trinity Real Estate, which owns the relevant building, is quoted in the Commercial Observer as saying that Pepsi will pay less than the current asking price of $58 per square foot at the site.
Pepsi has reportedly instigated a fit-out of the Manhattan offices with a view to having them be made fully operational before the end of the year.
The building at 350 Hudson Street was first established in 1927. It incorporates roughly 335,000 sq ft of commercial space, some of which is retail-oriented. Tenants already at the site include the PR Newswire company and Pret-a-Manger, a food store and coffee shop.
Mr Pizer said in a statement: “Hudson Square is increasingly becoming a destination for major international brands drawn by the energy and unique character of the neighborhood and the quality of the space. We are delighted that PepsiCo has chosen to join our growing community.”
PepsiCo is one of the largest consumer goods suppliers in the world, with 22 of its brands generating more than a billion dollars in revenues on an annual basis. In addition to a broad range of soft drinks, its brands include Doritos, Quaker Oats, and Rice a Roni.
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Editor’s Notes: In 2023, 350 Hudson Street will remain the site of PepsiCo’s Design and Innovation Centre.
Other tenants at the property include Hale and Hearty, and Medidata.