Rubenstein finalizes comprehensive interior and exterior transformation of former PepsiCo headquarters within Dallas submarket
– Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, has completed its repositioning and comprehensive renovations of 5600 Headquarters Drive, a 253,468-square-foot office building set on a 27-acre campus in Plano, TX, within the heart of the Legacy submarket of Dallas.
The approximately $20 million comprehensive capital improvement program includes interior upgrades such as a new lobby and entryway, along with a new tenant lounge, café, coffee bar, and fitness center. Exterior improvements include a new modern entrance façade with improved, lushly landscaped entry court as well as a 35,000-square-foot exterior tenant amenity area, that includes various shaded and open-air lounge and collaboration areas, an outdoor kitchen area with grills, and a pickleball court. The entire area is being programmed and activated to maximally enhance the tenant experience.
Rubenstein purchased 5600 Headquarters Drive, the former headquarters for PepsiCo, in 2022. After acquiring the property, Rubenstein announced a capital improvement plan to overhaul both the interior and exterior of the property through the now completed renovation program. The project was designed by Dallas based GFF, and constructed by K2. Happy State Bank provided the financing for the project.
“Rubenstein is thrilled to celebrate our latest milestone at 5600 Headquarters Drive with the completion of our capital improvement program,” said Tyler Alley, Rubenstein Partners. “These extensive renovations have created a brand new, experiential property in a great DFW location. We look forward to showcasing this repositioned property to national, regional and local tenants seeking a premier office destination with top-of-the-line amenities.”
5600 Headquarters Drive consists of three pods connected by multi-level corridors. The well-located property provides easy access to the primary transportation arteries and desirable residential neighborhoods and schools of Dallas. Located at the intersection of the Dallas North Tollway and Sam Rayburn Tollway, the property is walkable to the area’s premier retail projects (Legacy West and Shops at Legacy) and has convenient highway access to DFW Airport, Uptown Dallas, and residential areas to the South (e.g., Park Cities), and North (e.g., Frisco, McKinney).
Rubenstein also partnered with the City of Plano, utilizing the city’s new office modernization program. “Corporations today are increasingly prioritizing office environments that deliver distinctive experiences for their employees,” said Doug McDonald, Director of Plano Economic Development. “The campus at 5600 Headquarters Drive, already situated in one of Plano’s most walkable districts with nearby restaurants and shopping, has now been reimagined into a cutting-edge, amenity-rich workspace. This building demonstrates the future of office modernization, and we commend Rubenstein Partners for their strategic investment in Plano.”
Rubenstein focuses primarily on value-added office property investments that engage its vertically integrated team encompassing acquisitions, finance, construction, architecture, asset management, leasing, and property management. The firm has successfully completed value-added business plans to reposition and modernize urban and suburban office buildings in major U.S. markets.
Lincoln Property Company serves as the leasing agent for Rubenstein Partners at 5600 Headquarters Drive.
About Rubenstein Partners
Rubenstein Partners, L.P. is a Registered Investment Advisor and Fund Manager for a series of private equity funds focused on equity and debt office investments throughout the United States. The firm is vertically integrated and provides first-class investment services on behalf of its investor base, which consists of some of the nation’s preeminent public and private pension funds, university endowments and family offices. For more information, visit www.rubensteinpartners.com.