Nike HQ expansion project comes with a $1 billion price tag
Nike is investing heavily in its corporate headquarters in Beaverton, Oregon with a 3.2 million square foot campus expansion that reportedly cost $1 billion dollars.
According to The Oregonian, the Beaverton expansion will cost the company $1 billion. Nike itself has not commented on the cost, but The Oregonian made the estimate based on real estate and similar building construction costs in the market.
The campus expansion project was first announced in 2016 and is slated to be completed by 2018. The goals are to include more mixed-use space, add much needed parking on campus, and more office space.
A group of three different architecture firms are working on it, which include ZGF Architects, SRG Partnership and Skylab Architecture. Place in Portland is directing landscaping for the expansion.
While the price tag seems expensive in a time when retail is in a precarious position, Nike reported Q4 sales up 5% over last year in the amount of $8.7 billion dollars. The Nike brand alone drove $8.1 billion of that figure. Nike will also no doubt be seeing more sales through its recently announced partnership with Amazon on a limited Nike assortment to be sold on the e-commerce gian's website.
The new campus expansion joins a list of building projects that includes a recent update to Nike's New York offices. Nike's new East Coast HQ takes up a 150,000-square-foot footprint on Sixth Avenue in New York.
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