Details of the lease at the Reckson Associates Realty Corp.-owned business park were not released, but according to Salvatore Campofranco, managing director, Westchester/Connecticut division for Reckson, Pepsico's rate is typical for class A space in the Westchester area. "The deal was done at a rate that approximates asking rents in this market," Campofranco tells GlobeSt.com. Asking rents at Reckson Summit are $27 per sf.
PepsiCo. is slated to move its Information Technology division into the Summit Lake Drive space next month. Robert Bundy of the Staubach Co. represented the tenant in the transaction.
The 699,051-sf Reckson Summit complex is located 40 miles from Manhattan, 20 minutes from Stamford, CT and 10 minutes from Greenwich, CT. The facility is also convenient to Westchester County Airport and provides private shuttle service to Metro North serving White Plains commuter rail station.
Reckson Associates Realty Corp. is a self-administered and self-managed REIT specializing in office and industrial properties. The company currently owns or controls 181 properties comprising approximately 20.6 million sf.
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