Weekly Comp Digest: Pepsico Leases at 350 Hudson; Google Expands at Chelsea Market; Law Firm Doubles Space at 1177 AoA

Pepsico Opens its First Manhattan Office

Pepsi signed a lease for 19,802 SF at Trinity Real Estate's 350 Hudson Street for rent in the $50s PSF. Recent rents in the building reflect the increasing popularity of Midtown South and Hudson Square. While last year, tenants could still secure renewals at 350 Hudson in the low $40s PSF (Frenkel & Co.) and new leases in the mid $40s (Tory Burch), recent tenants such as Medidata Solutions and now Pepsico are paying north of $50 PSF.

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Google Expands at Chelsea Market Again

Several months ago Google expanded at the Chelsea Market building by leasing 94,000 SF. Recently, the tech giant expanded its footprint again, this time leasing 84,643 SF. The starting rent for both expansions is in the mid $60s, establishing 75 Ninth Avenue as one of the most expensive buildings in Chelsea and Midtown South.

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Drinker Biddle & Reath Doubles Space at 1177 AoA

The law firm recently added the 38th floor to its existing office on the 41st floor. The starting rent for the new ten-year lease is around $80 PSF, with TIs in the $60s PSF and nearly a year of free rent. DB&R's exisitng lease on the 41st floor is in the $70s PSF with similar TIs and free rent. Other tenants in the building include PLI on the lower floors (rent in the mid $60s) and CoStar on the 43rd Floor (rent in the high $60s on a lease from 2010.)

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