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Global food services management corporation Sodexo is relocating its U.S. headquarters from Gaithersburg to a new office building in the Pike and Rose area of North Bethesda, the Washington Business Journal reported Tuesday.

The Paris-based company’s U.S. branch has been headquartered in Gaithersburg since 1998. In spring 2024, Sodexo will move into a 52,000-square-foot office in Federal Realty Investment Trust’s 24-acre Pike & Rose mixed-use development. Federal Realty anticipates the building opening in the fourth quarter of 2023.

While the headquarters will stay within Montgomery County, the new office will be about a 20-minute drive from its current location. The Gaithersburg headquarters employs between 500 and 600 people, according to the Washington Business Journal.

Sodexo considered moving in 2012 with several landlords and economic development officials in the D.C. area trying to entice the corporate giant to move, according to the Washington Business Journal. However, Sodexo opted to stay in Gaithersburg, after Maryland, Montgomery County and the city of Gaithersburg offered $4 million in public incentives in the form of conditional loans, not including other tax credits.