PepsiCo leases first Manhattan office space

PepsiCo have signed a five-year lease for its first office residence in Manhattan, company representatives announced late yesterday evening.

The multinational food and beverage corporation has taken 19,800sq ft of office space at 350 Hudson Street, on the buildings second floor.

Owned by Trinity Real Estate, the building - established in 1927 – compiles 335,066sq ft of office space over a nine-story spread. Tenants currently occupying offices there include PR Newswire, Pret-a-Manger and Hale & Hearty Soups.

According to Jason Pizer, president of Trinity Real Estate, PepsiCo are initiating plans to fit-out their Manhattan office space within a four month period, and plan occupation towards the end of the year.

In a statement, Mr Pizer said: “We are delighted that PepsiCo has chosen to join our growing community.

“Hudson Square is increasingly becoming a destination for major international brands drawn by the energy and unique character of the neighbourhood and the quality of the space.”

Last year, two significant leases were secured in the building, with fashion designer Tory Burch taking 80,000sq ft over two floors in May and Medidata Solutions signing for 100,000sq ft in September.

Since then, asking rents have risen, currently at $58 per sq ft, - a rise of $4.7 over a one year period - and look set to increase even further as growth in take-up at 350 Hudson Street continues to rise.