The Arsakeio arcade, located in downtown Athens between Panepistimiou and Stadiou avenues, is one of the most iconic buildings of Athens.

A major property lease agreement signed on Tuesday will transform the empty arcade into a mini shopping mall and multiplex food court with an emphasis on traditional Grecian cuisine and the Mediterranean diet.

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The arcade was once known as the Stoa tou Vivliou and housed various publishing houses, along with cafes and a few stationary shops and a hall for book launches.

The signing of a 35-year-lease was signed by Legendary Food IKE and the arcade’s owner, the Educational Society of Athens (Philekpedeftiki). The property is owned by the same non-profit organisation that manages the private Arsakeio-Tositsa primary and secondary schools.

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