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PepsiCo Near Deal for Big Lease at Old Post Office
PepsiCo is in advanced talks to move its Chicago office to the redeveloped Old Post Office building, Crain’s Chicago Business reported, citing sources said to be familiar with the company’s plans.
The beverage giant would lease around 200,000 square feet at 601W Companies’ 2.5-million-square-foot redevelopment, tying with Walgreen Boots Alliance for the property’s second largest tenant. Uber announced last month that it would take 463,000 square feet at the property, centralizing and expanding its Chicago operations.
The Purchase, NY-based PepsiCo has maintained its Chicago offices at Principal Real Estate Investors’ 555 W. Monroe St. since 2004. Crain’s reported that the tenant, whose Quaker Oats, Tropicana and Gatorade brands are based there, recently shifted its focus to the Old Post Office after considering a renewal of its 15-year lease at 555 W. Monroe.
Since Walgreens announced a headquarters lease in 2018, 601W has pre-leased much of the Old Post Office space.
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