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[BUSINESS] · United States, Switzerland · 2 sources

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Part of situation: Corporate leasing activity at Penn 1 (2 clusters)

On moves NYC headquarters to Vornado’s Penn 1

On Vornado Realty Trust office leasing headquarters relocation athletic apparel

Swiss athletic apparel and sneaker company On is relocating its New York City headquarters to Vornado Realty Trust’s Penn 1. The company will occupy 85,000 square feet of space, including 61,000 square feet on the eighth floor and 24,000 square feet on the seventh floor, which features an outdoor terrace.

The 15-year lease agreement follows a period of significant growth for the brand, which reported global sales exceeding $1 billion in the second quarter of this year. On, founded in 2010, has expanded its profile through high-profile associations, including shareholder Roger Federer and global ambassador Kylian Mbappé.

The move from its previous location in SoHo to Midtown’s Penn District aligns with broader leasing momentum at the Penn 1 building, which houses several major corporate tenants.

Entities

Kylian Mbappé · On · Penn 1 · Roger Federer · Vornado Realty Trust

Sources

Swiss Sneaker Brand On Moves HQ to 85K SF at Vornado's Penn 1 [commercialobserver.com]
Vornado’s Penn District leasing momentum picks up [therealdeal.com]