PepsiCo moving to the Old Post Office
Promising no job cuts, company is trading 17 floors for one.
Demonstrating the appeal that large, wide floors have as corporate offices, PepsiCo said Thursday it is moving its Chicago base to the Old Post Office at 433 W. Van Buren.
The company will exit 412,000 square feet at 555 W. Monroe St., where it has 17 floors. It is moving to 192,000 square feet on a single floor, where it will become the refurbished giant’s third largest tenant.
Executives said they can accomplish this without laying off any of PepsiCo’s 1,300 employees here. They said the single-floor layout will be more efficient and allow for more collaboration.
The company signed an eight-year lease. The Chicago office will continue to be its largest location by headcount outside of its Frito-Lay headquarters in Plano, Texas.
In Chicago, PepsiCo Beverages has its North American Central Division, and the company maintains headquarters for brands such as Gatorade, Quaker Oats and Tropicana.
PepsiCo moved to the Monroe Street address in 2002.
The new facilities will help PepsiCo grow its brands faster and “continue to serve as community partners to Chicago and across North America,” said Chairman Ramon Laguarta.