Beam Suntory to relocate HQ to New York City
Maker’s Mark owner Beam Suntory will move its global headquarters from Chicago, Illinois, to New York City by mid-2022.
Beam Suntory, owner of brands such as Jim Beam and Courvoisier Cognac, has entered into a long-term lease agreement for around 100,000 square feet of space at 11 Madison Avenue in Manhattan. The site will also serve as a joint office with Beam Suntory’s Japan-based parent company, Suntory Holdings.
“As one of the world’s greatest global cities, New York will provide a unique environment to help us accelerate our premiumisation strategy and growth plans,” said Albert Baladi, president and CEO of Beam Suntory.
“We see excellent opportunities to immerse our company and global brand-building efforts more deeply in New York’s vibrant restaurant, bar and consumer environment, what we call the ‘gemba’.”
Beam Suntory expects to open the New York office next year following structural and design work.
The move will involve the relocation of most of the company’s executive leadership team positions, its global brand house organisation and select global corporate function roles to the New York office.
Beam Suntory’s current Chicago headquarters will become home to the firm’s North American arm and certain corporate roles. It will also remain the company’s largest global office.
Baladi added: “As we look to the future, we anticipate returning to office-based work to enable the kind of collaboration we need to reach our growth ambitions.
“Cities clearly have an important role to play in the future of work, and while we will surely offer a higher degree of workplace flexibility, we will continue to build a strong presence in the key global cities that are closest to consumer trends and our customers.”
Beam Suntory has a ‘strong presence’ in Tokyo, where Suntory Holdings is headquartered, and offices in global cities such as Shanghai, Singapore, Sydney, Madrid, Frankfurt, London, Delhi and Los Angeles.
A number of drinks firms have established new offices in recent years. In February last year, Smirnoff vodka owner Diageo opened its relocated North American headquarters at New York’s World Trade Center. Diageo also revealed its global headquarters will leave northwest London and relocate to the city’s Soho area in 2021.
In January 2020, Jack Daniel’s owner Brown-Forman opened its refurbished London headquarters.