After Apple opened its flagship at the 114 avenue des Champs-Elysées, it’s now time for Nike to upgrade its Parisian abode to the iconic 79 Avenue des Champs-Elysées – also dubbed as the most beautiful Avenue in the world. The sportswear giant will operate out of its new location later in the year after marking what could be the most sensational real estate deal of the decade.
The building in its current state was sold for a whopping €613 million to house the headquarters of Nike and is said to includes 4,300 square meters (46,000 square feet) of retail space. It will span a total area of 7,700 square meters (83,000 square feet) and will retain much of the heritage of the pre-existing art deco structure. There will be an integration of an Art Deco double-helix staircase dating back to the 1930s within a high-tech Nike concept, along with several other noteworthy decor upgrades. Along with Nike’s commercial operations, the space will also host the marquee’s management quarters on the upper floors of the store.
Commenting on the deal, Eric Donnet, managing director of Groupama (who sold the building to the Norwegian sovereign wealth fund Norges Bank Investment Management) in a statement said, “This operation, developed over five years in order to permit made-to-measure adaptations to Nikes’ project, demonstrates that time in real estate is, above all, a long-term concept,” He further added, “It also demonstrates once again just how attractive the Champs-Elysées is. Our conviction is that the avenue’s vocation is to welcome new mixed concepts, combining retail, lifestyle and business. These locations are strong value providers for both investors and users, and also contribute to the vitality of the avenue and the capital.” All said, we can’t wait for the Nike Champs-Elysées flagship to open already!