On Moves NYC Headquarters To 1 Pennsylvania Plaza Under 15-Year Lease For $120 Per Square Foot

The property involved in this lease transaction is located at 1 Pennsylvania Plaza in Midtown Manhattan. It is classified as an office asset with a total size of 85,000 square feet. The lease has an asking rent of $120 per square foot and runs for a duration of 15 years.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $120/ft.
• Square Footage: 85,000
• Address: 1 Pennsylvania Plaza
• Market: Midtown Manhattan
• Landlord: Steven Roth - Vornado Realty Trust
• Tenant: Caspar Coppetti & David Allemann - On
• Landlord's Representative: Jared Silverman & Josh Glick - Vornado Realty Trust
• Tenant's Representative: Sinclair Li, Patrick Moroney & Liz Lash - CBRE
• Lease Terms: 15 years

The lease transaction marks the relocation of On's New York City headquarters to this new space under the oversight of Vornado Realty Trust. The representatives for the landlord and tenant respectively facilitated this deal, ensuring all terms were addressed within the negotiation process.