“In 1998 they contacted Cushman & Wakefield as part of some capital requirements of Pepsi to sell the building and the idea was to move out the bottling company that occupied the space in anticipation of taking that division public,” he says. “Cushman & Wakefield searched the market to move them out of the building and sign a lease for about 300,000 feet of space in Westchester.” Pepsi employees voiced their disapproval of the move, and it was scrapped.

“Instead they wound up leasing the building, as part of the sale process, back for four and a half years,” Merin says.

In the end, however, the company’s long tenancy there translates to a potentially attractive prospect for investors. After jettisoning the bottling division for several years and giving up that space at One Pepsi Way to GMAC, the company has since re-bought the division.

“As you can see, from 1987 to 2015, Pepsi has seriously occupied this building,” Merin says. “They have 1,450 employees currently housed in the building, they have taken on renovations of the space and their headquarters is 20 minutes away in Purchase.”

So far, interested parties are typical net lease buyers, Merin says, along with individuals with 1031 exchange needs and some foreign investors. “Office is not the favorite investment sector right now, particularly suburban office product,” he says. “However, given the strength of Pepsi’s credit, their history of occupancy at the building, we are drawing considerable interest.”