Under Armour is closing in on Nike — geographically.
In addition to its sneaker warehouse in the Pearl District, Under Armour will establish a West Coast headquarters in Portland — a 20-minute drive from Nike’s factory in Beaverton — in 2016.
Per the Portland Business Journal, the 70,000 square foot facility was purchased by Under Armour for $10M — despite its original market value of $13M.
At an estimated $4M to construct, Under Armour will rely on SiteWorks and Seattle-based InterUrban to finalize develop their new workspace. When Under Armour wished to inhabit Portland’s Pearl District, InterUrban stepped up and contributed $14M in renovations to the General Automotive building.
The new-aged Baltimore-based company has pried two of Nike’s executives — Allan Schrock (director of R&D) and Rick Anguilla (investor relations).
By acquiring these gentleman from Nike, Under Armour is giving Nike a reason to not worry about adidas, but it’s soon-to-be next door neighbor in 2016.