Kelly McAndrew, a spokesman for The Pepsi Bottling Group, says that the company notified its workers yesterday, Tuesday, Feb. 21, that it was staying put at the building. She notes that the new lease, which went into effect at the closing on Monday, Feb. 19, expires on Dec. 31, 2009. Its prior lease for the entire building was to expire at the end of 2002.
The Staubach Company represented Pepsi Bottling Group in the transaction. Julien J. Studley represented the Witkoff Group.
"We looked at a number of locations in Connecticut and in the New York area," McAndrew relates. "We came to believe that the best deal for the Pepsi Bottling Group was to retain our corporate headquarters here and we are now looking forward to the next decade here in Somers."
She adds that the company did receive a package of incentives from Westchester County and New York State. Details on those incentives were not available at press time. The company, which broke away from parent company PepsiCo of Purchase in March 1999 after issuing and IPO, did meet with officials from the state of Connecticut in relation to possible incentives if it moved to the Nutmeg State. McAndrew refused comment on what if any incentives were offered to the company by the state of Connecticut.
PepsiCo built the One Pepsi Way property 14 years ago. Several years ago the company executed a sale/leaseback transaction with the Witkoff Group.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
