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On to expand NYC office footprint with Penn 1 move
The Swiss sneaker brand will take 85,000 square feet at Vornado Realty Trust’s Penn 1, including an outdoor terrace on part of the seventh floor.
The Swiss athletic sneaker and apparel company On is moving and expanding its New York City office headquarters to Vornado Realty Trust’s Penn 1, Commercial Observer has learned.
The company will occupy 61,000 square feet on the entire eighth floor of 1 Pennsylvania Plaza, along with 24,000 square feet on part of the seventh floor, where it will have an outdoor terrace. On is currently in a smaller office at 165 Mercer Street in SoHo.
CBRE represented On in the deal, while Vornado was represented in-house. The report also notes On’s background, including its 2010 founding in the Swiss Alps and its 2021 New York Stock Exchange initial public offering.
Commercial Observer adds that On is growing its direct-to-consumer sales, with second-quarter sales reaching $1 billion, up 13.5 percent year-over-year, and gross profit of $676 million. The company already operates New York City stores in multiple neighborhoods and is also negotiating to take over a former Dior temporary store at 767 Fifth Avenue.