The Elysee Palace, located at the eastern end of Champs Elysees Street in the centre of Paris, is the residence of the President of France. The Elysee Palace was built in 1718, and Louis XV and Louis XVI have lived in it successively. They renamed it the Bourbon Tower. Napoleon I abdicated here after his defeat in Waterloo in 1815. Napoleon III also moved here after he was elected president in 1848. He called it the royal palace after emperor. The Third Republic of France promulgated a decree in 1873, which formally designated the Elysee Palace as the Presidential Palace of France. Since then, almost all the presidents of the French Republic have worked and lived here.