Nike Inc. has been on a building spree.
The athletic giant in June debuted a headquarters in New York, taking 150,000 square feet of real estate at 855 Sixth Avenue.
And back home in Beaverton, Ore., Nike continues to make headway with its huge campus expansion first announced in spring 2016. And now we have an estimated price tag for the undertaking.
On Sunday, The Oregonian reported that Nike’s 3.2-million-square-foot building project near Portland will cost roughly $1 billion. The newspaper based its estimates on local real estate and construction sources (because Nike execs remain tight-lipped).
If that price tag sounds high, not to worry — Nike can swing it. The firm’s fourth-quarter sales totaled $8.7 billion, up 5 percent year-over-year. The Nike brand alone brought in $8.1 billion in revenue during the quarter.
And thanks to its recent deal with Amazon.com to sell “a limited Nike product assortment” on the site, the athletic company is poised for an additional sales boost.
Nike’s campus expansion project is slated to be completed by 2018 and will add more office, mixed-use and parking space to the campus. Overseeing the design is a trio of firms — ZGF Architects, SRG Partnership and Skylab Architecture — while Place in Portland was tasked with developing landscaping plans.