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New York
One Pepsi Way, Somers, NY
A refreshing lease in Somers, NY: Pepsi Beverages Co, the bottling division of PepsiCo, has committed to an additional 180k SF of space at One Pepsi Way, expanding its occupancy to the entire 540k SF building. This is one of the largest leases ever executed in the history of the region. CBRE’s Paul Jacobs, who repped Pepsi alongside colleague Robert Caruso, says that the tenant considered relocating the HQ outside of NY, but after three years of negotiations, decided to remain and expand because the building was the best option to meet PBC’s current and future RE requirements in the region. Cushman & Wakefield’s Glenn Walsh and Arthur Mirante repped owner Murray Hill Properties.
399 Jefferson Rd in Parsippany, NJ
And Pinnacle Foods Group—producer, marketer, and distributor to brands like Duncan Hines, Mrs. Butterworth, Vlasic pickles, and Lender’s bagels—cooked up a new 85k SF lease for its HQ at 399 Jefferson Rd in Parsippany, where it’s relocating from Mountain Lakes, NJ. JLL’s JC Giordano and Chris Conklin repped the tenant, while Edwin Cohen and Gene Diaz repped owner Prism Capital Partners in-house. The landlord is fitting out the space, which will have executive and administrative offices and a commercial test kitchen, and is doing common area and infrastructure upgrades to get ready for Pinnacle’s move-in this summer. Another 95k SF is available at the building.