R
ubenstein Partners is investing $20 million in renovations at PepsiCo's former office campus, backed by a financial boost from the city of Plano. The Philadelphia-based private equity firm has partnered with Lincoln Property Company to lease the 250,000-square-foot building at 5600 Headquarters Drive. Developed in 1999, the property housed PepsiCo's logistics and technology teams until they relocated last year.

    Rubenstein acquired the 27-acre campus in April 2022, shortly after PepsiCo announced its plans to move. The renovations include a redesigned lobby, new entrance facade, tenant lounge, fitness center, and a 35,000-square-foot outdoor area with kitchen and pickleball court. Happy State Bank is financing part of the project, along with $1.9 million from Plano's grant program.

    The city sees this renovation as aligning with its incentives to attract companies seeking unique office settings. Plano is a hub for corporate and industrial activity, with companies transforming office spaces into hubs for growth and employee engagement. Tech firm Simplilearn Solutions is moving its U.S. headquarters from San Francisco to Plano, citing the area's diverse talent pool.

    Other developments in Plano include Foundry Commercial's office-to-industrial redevelopment at 2700 West Plano Parkway, set to be completed by early 2026. Raising Cane's has also purchased a 400,000-square-foot property at 5320 Legacy Drive, planning to relocate operations from 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.