On, Sneaker Maker Beloved by Roger Federer and Kylian Mbappé, Moves HQ to Penn 1
The Swiss company took space on two floors at the Vornado Realty Trust tower
By Lois Weiss September 23, 2026 11:16 am
reprints
It’s On!
The Swiss athletic sneaker and apparel company now known as On is moving and expanding its New York City office headquarters to 85,000 square feet at Vornado Realty Trust’s Penn 1, Commercial Observer has learned.
The company, previously known as On Running, is currently located in a small office by comparison at Spear Street Capital’s 165 Mercer Street in SoHo.
According to industry sources, On will have 61,000 square feet on the entire eighth floor of Midtown’s 1 Pennsylvania Plaza, as well as 24,000 square feet on part of the seventh floor, where the company will enjoy an outdoor terrace.
The 15-year deal had an asking rent of $120 per square foot.
A CBRE team of Sinclair Li, Patrick Moroney and Liz Lash represented On in the deal, while Vornado was repped in-house by a team of Jared Silverman and Josh Glick.
The company was founded in the Swiss Alps in 2010 by Ironman champion Olivier Bernhard. He later brought in friends Caspar Coppetti and David Allemann, now co-CEOs, to form the company.
By 2012, Swiss triathlete Nicola Spirig was wearing the brand’s Cloudracer shoe, and sales took off. Tennis star Roger Federer became a shareholder in November 2019, and the company released a shoe called the “Roger” in July 2020.
It went public in September 2021 on the New York Stock Exchange, raising $746 million. On is growing its direct-to-consumer sales and has a mission “to ignite the human spirit through movement” by selling “premium footwear, apparel and accessories for high performance running, outdoor, training, all-day activities and tennis,” according to its website.
On’s tagline — “dream on” — is resonating with consumers in over 90 countries, with sales reaching $1 billion in the second quarter of this year, up by 13.5 percent year-over-year with a gross profit of $676 million.
In mid-September, French soccer star Kylian Mbappé even ditched Nike and became On’s global ambassador.
On already has New York City stores at 162 Fifth Avenue in the Flatiron District, 363A Lafayette Street in NoHo, and 93 North Sixth Street in Williamsburg, Brooklyn. Sources say the company is also negotiating to take over the former Dior temporary store at the General Motors Building at 767 Fifth Avenue.
A Colliers team led by David Green and Cushman & Wakefield’s Steven Soutendijk represent the space and landlord BXP at that last location. The 767 Fifth Avenue store has 6,552 square feet on the ground floor, 743 square feet on a mezzanine level, 5,201 square feet on a lower level, and 1,919 square feet of nearby storage space — all for a total of 14,415 square feet.
The brokerages and the On media reps in Switzerland did not immediately respond to requests for comment.
