Its cola was once the choice of a new generation. Now, with major zoning changes to its new neighborhood approved by the City Council, PepsiCo announced earlier this week that its first office space in Manhattan will be in what will eventually become a new-look Hudson Square.
In a five-year deal, the food and beverage giant is taking 19,800 square feet on the second floor of Trinity Real Estate’s 350 Hudson Street, where asking rents are currently $58 per square feet. Pepsi will spend the next few months building out its new space and expects occupancy by the end of the year. It will join the recent flurry of creative and technology industry tenants that have driven Hudson Square average rents back to their pre-recession levels.
Located between King and Charlton Streets, the 9-story, 335,000-square-foot 350 Hudson Square was built in 1927. In 2012, Trinity earned an Energy Star label for the tower, which scored an 80. Office tenants include the tech firm Medidata (providing cloud-based medical data across 3 floors and 100,000 square feet) and PR Newswire; Pret and Hale & Hearty occupy ground-floor retail space.
“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,” a Trinity spokesperson told the Commercial Observer. “We are delighted that PepsiCo has chosen to join our growing community.”