They Just Did It: Nike is Renting the Most Expensive Property On Champs-Elysées That Was Sold for This Jaw-Dropping Price
Champs-Elysées Avenue, the picturesque street in France, is home to luxurious shops, cafes, and theaters. It is no doubt one of the most astonishing avenues on the planet with the breathtaking and historical architecture on and around it.
Near the famous Arc de Triomphe is the perfect Parisian street – it has the culture, the view, the architecture, the food (we heard that Ladurée is on the avenue as well), and, of course, the designer shops — Louis Vuitton, Tiffany & Co, and Cartier to name a few. Another brand that finds a new home on the celebrated road is Nike.
Though the sportswear and shoe brand already has a store on the notable street (which will be closed soon to make way for the new headquarters), this time it is on a premium spot at 79 Avenue des Champs-Elysées. Keep in mind that to score a space at this famous place is a privilege – just think about this: the properties’ prices in the City of Lights have tripled in 20 years, averaging $12,000 per square meter.
In Champs-Elysées it goes steeper since it is the most-visited thoroughfare in Europe with an average of 100 million visitors per year. Needless to say, the real estate on this avenue is pricier, an average of $14,000 per square meter to give you a hint.
Groupama sold the building to Norges Bank Investment Management for $673 million or around $88,000 per square meter. Nike will be the tenant to this massive building to make it the sportswear giant’s new headquarters in France. According to Le Parisien, the rent could go up to more than $18.6 million per year.
House of Innovation
Part of the historical heritage in the city, the vast space stretches out to 83,000 square feet including the 46,000 square feet of shopping area. The building, which has an Art Deco-inspired architecture, also boasts a Chombard-style staircase, five levels of shops, and a rooftop promising a great view of the famed street.
After being under a five-year revamping, the new headquarters will be dubbed the third House of Innovation store with the first two being in New York and Shanghai. This will be open to the public just in time for Christmas this December.
This deal broke the record of Apple, which acquired 114 Avenue des Champs-Elysées at $659 million. This new Apple flagship store opened in November 2018.
This move is also a part of the Champs-Elysées 2024 campaign by Comité Champs-Elysées, a committee of shop owners, which aims to improve and update the architecture of the distinguished avenue with the help of the renowned French architect Philippe Chiambaretta. It has been more than two decades since the last modernization venture happened on the avenue.
Despite the beauty and glamour of the avenue, there is still a struggle to improve and rehabilitate the old charm of Champs-Elysées. Shops are also making their contributions to restore the charming Parisian Haussmann architecture, and while still keeping up with the global standards. It has also been reported that there is a huge sum of money being involved in the avenue’s make-over.
More in Finance & Business
A sneak Peek at Ben Affleck’s Georgia Property That’s Down from $8.9 million to $7.6 million after More Than a Year on the Market
Ben Affleck’s property in Georgia is still on sale but the actor is giving us a 15-percent deduction — from $8.9...October 22, 2019
Itching to Buy a Property? Why Not Buy an Entire Town in California That’s Just a Ride Away from the Ocean
Have you ever considered buying a property? How about an entire town that’s just an hour’s drive away from a bustling...October 21, 2019
Moving to a Smaller Home? All the Details You Need to Know about Downsizing as a Retiree
Remember when it used to be just you and your better half? A bare-bones residence was OK, which eventually became a...October 18, 2019
Justin Bieber Reveals via Instagram that His Stunning Beverly Hills House is up for Grabs, Here Are the Details
If you thought that celebrities would rely on high-powered realtors to sell their properties, then you are wrong. At least with...October 17, 2019
A First-Time Home Buyer? Learn about These Insider Mortgage Tips First to Save Tons of Money
The thought of owning a home is exciting and terrifying at the same time. Of course, you’ll be thrilled to finally...October 16, 2019
Are Co-Living Spaces Really the Solution to the Housing Crisis? Here’s The Real Deal about It
You don’t have to think about paying rent when you’re young and still live with your parents. However, know that you...October 15, 2019
Put that Sledgehammer Down: You May Be Hurting Your House’s Resale Price with These Renovations
Purchasing your home may be the ultimate American dream. For one, it feels different to have a place you can call...October 14, 2019
There’s an Increase in US Household Size, the First in a Long Time: Here’s Why Millennials Are Also to Be Blamed
How many people are living in your home? Between 1790 and 2010, there was a steady but slow decline in household...October 11, 2019
Nothing But Drag: RuPaul Just Bought a $13.7-Million Mansion That is Unapologetically Grand
When you’re a world-famous drag sensation, a four-time Emmy winner, and one of the most influential icons of this generation, you...October 10, 2019