Rubenstein Partners is putting $20 million into renovations at PepsiCo’s former office campus with a financial boost from the city of Plano.
The Philadelphia-based private equity firm has tapped Lincoln Property Company to lease the 250,000-square-foot office building at 5600 Headquarters Drive, the Dallas Business Journal reported.
The property, developed in 1999, housed PepsiCo’s logistics and technology teams until early last year, when the company relocated to 7701 Legacy Drive.
Rubenstein acquired the 27-acre campus in April 2022, soon after PepsiCo announced its plans to relocate. GFF and K2 Construction are handling design and construction for the remodel, which includes a redesigned lobby, a new entrance facade, a tenant lounge, a fitness center and a 35,000-square-foot outdoor area featuring a kitchen and pickleball court.
The renovations were financed in part by Happy State Bank, with $1.9 million from a City of Plano grant program. The renovation aligns with Plano’s incentives to draw companies seeking distinctive office settings, said Doug McDonald, the city’s economic development director.
Plano is a magnet for corporate and industrial activity, with companies seizing on opportunities to transform office spaces into hubs for growth and employee engagement.
Tech firm Simplilearn Solutions, for example, is moving its U.S. headquarters from San Francisco to Plano, encouraged by the area’s “diverse talent pool.”
Besides that, Orlando based developer Foundry Commercial, for example, is spearheading an office-to-industrial redevelopment at 2700 West Plano Parkway in West Plano. The redevelopment, called Plano Midpoint, is expected to be completed by early 2026.
And Raising Cane’s recently purchased the 400,000-square-foot property, at 5320 Legacy Drive in Legacy Business Park. The fast-food chain will relocate operations to the office space — Ross Perot’s former Electronic Data Systems campus — as part of its strategy to reach $10 billion in sales and 1,600 locations by 2030.
Correction: An earlier version of this story incorrectly stated that the building was for sale. It is in active lease-up.
— Andrew Terrell
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