This new operational base for the IAAF are situated at 6-8, Quai Antoine 1er which is on Monaco's main port of Herculis.

“This is an especially proud moment for the IAAF to move into a specifically designed office space on the quay of Monaco’s world famous port,” said President Diack.

“On behalf of the IAAF Council and all the staff, I would like to thank Prince Albert and the Principality of Monaco for providing us with this stunning location.

"Ever since our association’s move to Monaco in 1994 we have greatly appreciated the warmth of your welcome and hospitality.

“The IAAF feels very much at home in Monaco and looks forward to enjoying many more productive years in residence in the heart of the capital of world athletics.

"I am also delighted that Thomas Bach has made the effort to join us here on this special day, despite his extremely crowded diary, and this once again, underlines the special relationship that the IAAF is proud to have with the IOC and its new President.”

Bach responded: "I have always been a great fan of athletics.

"This is one of the reasons why I’m here today.

"In fact, today feels like the completion of a circle.

"I was here, in Monaco, 21 years ago when alongside the then President of the IOC Juan Antonio Samarach we took part in the inauguration of the first IAAF Headquarters in Monaco.

"I feel very close to athletics and very close to you all.

"We have excellent relations between IAAF and IOC and it’s in fact the only International Federation with whom we hold regular joint meetings of our Executive Committees.

"Our next meeting will take place in Beijing at the time of the IAAF World Championships.

"I would like to congratulate President Diack for these new premises.

"It is very important to gather all the staff under one same roof and your offices are indeed wonderful, and the sea view is fantastic.”.

For the first time since the IAAF moved to Monaco in 1994, the IAAF has been able to gather the IAAF general secretariat and seven other IAAF departments: broadcasting, communications, competitions, development and member relations, finance and administration, medical and anti-doping, and technology and information under the same roof.

In addition, the IAAF has ensured that both the building work necessary to complete the new offices, as well as the future maintenance, will conform to strict European guidelines about sustainable use of energy, as a commitment to the IAAF’s social responsibility programme ‘Athletics for a Better World’.

The IAAF and the Principality of Monaco have been partners ever since the decision was made at the IAAF Congress in Stuttgart in 1993 to move the headquarters of the IAAF from London, where it had been located since 1948, to the shores of the Mediterranean.

“Monaco has been the home of world athletics ever since my father Prince Rainier III warmly welcomed the International Association of Athletics Federations (IAAF) to the Principality in 1994,” said Prince Albert.

“Since the beginning, Monaco has embraced athletics with our annual meeting Herculis evolving in the IAAF’s competition calendar from Grand Prix to Super Grand Prix status – in 2004 and 2005 hosting the World Athletics Final – to being a member of the IAAF Diamond League series, today’s premier invitational circuit of athletics.

“As Honorary President of the International Athletics Foundation, President of the Monegasque Athletics Federation and as an IOC member, I am especially pleased that the Olympics’ number one sport has flourished during its time in Monaco.

"I fervently hope that newly housed in these impressive offices the long standing relationship between Monaco and the IAAF will continue to prosper.”

The IAAF also retains a second building, the Villa Miraflores, the executive offices of the President, which is located on the Avenue St Michel in the shadow of Monte Carlo’s Casino Square.

There are more than 65 IAAF staff members, representing more than a dozen different nations, located across the two sites in Monaco.