Crain’s Headlines: PepsiCo Signs 8-Year Lease for Old Post Office

Soft drink giant PepsiCo has officially joined the party at the Old Post Office. The company signed an eight-year lease to move its Chicago office and 1,300 employees late next year to the redeveloped building.

PepsiCo’s Gatorade, Quaker Foods and Tropicana brands have been based for years across 16 floors in a West Loop office building.

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Now they’re moving into almost 200,000 square feet on a single floor at the massive Old Post Office.

Pepsi will be the third-largest tenant in the building behind Uber and Walgreens.

The property has leased close to 80% of its space as a New York developer continues an $800 million-plus overhaul of the long vacant structure into a modern office building.

In other Chicago-area news:

Allstate is backing development of a big new industrial building in Pullman by tapping a new federal tax incentive meant to combat blighted neighborhoods.

The insurance company is teaming with a Minnesota developer to build a 400,000-square-foot warehouse at 103rd Street and I-94.

It’s in a federal Opportunity Zone, a new program that lets investors defer paying taxes on capital gains if they reinvest them in certain downtrodden areas.

Chicago’s zones are in neighborhoods of extreme need and haven’t drawn as much investment as other locations on the upswing in other markets.

Pullman, meanwhile, has been revived in recent years with the development of a new Method Soap factory, Whole Foods distribution center and other projects in the works.

And finally, the Chicago Fire have a new name, new colors and a new logo to go with their move back to Soldier Field next year.

The Major League Soccer club Thursday said they’ll now be known as Chicago Fire FC and unveiled a red, blue and gold color scheme for their brand refresh.

The team is kicking off a new era after billionaire Morningstar founder Joe Mansueto bought the franchise in September.

They’re moving games back to the city in 2020 from southwest suburban Bridgeview, where they’ve played since 2006.

Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.” 

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