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.
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