Apple Inc. has paid $290 million for a pair of office buildings near its Cupertino headquarters, the Mercury News reports.
The iPhone maker bought the two office buildings at the corner of Stevens Creek Boulevard and Torres Avenue from Los Angeles-based American Realty Advisors, the publication reports, citing county property records filed last week.
The buildings, called Cupertino City Center 1 and Cupertino City Center 2, sit two miles from Apple Park, the company's new 2.8 million-square-foot circular headquarters, and about half a mile down the street from its former Infinite Loop headquarters.
“Apple really likes being in Cupertino, and this is a way for them to solidify their presence there,” Eric Fox, executive managing director with Cushman & Wakefield, told the Mercury News.
He added: “Apple was a tenant in these buildings, then they left, and now they are back in the buildings."
The buildings span 168,000 square feet and 146,000 square feet, respectively. They're also adjacent to where developer Sand Hill Property Co. is attempting to redevelop the former Vallco shopping center into a mixed-use development with thousands of new homes and millions of square feet of new development.
It wasn't clear if the publication attempted to reach Apple for comment on the purchases.
“The purchase of the two office buildings is definitely a way for Apple to have more control over locations in its home town,” Dave Sandlin, an executive vice president with Colliers International, commented in the story.
Apple wrapped up construction last year on its new Cupertino headquarters. The complex can accommodate about 12,000 employees — almost half of Apple's estimated Silicon Valley workforce.
Apple Park, the tech giant's 2.8 million-square-foot megacampus, opened this year in Cupertino. The four-story building will eventually house some 12,000 employees. Its exterior, which measures a mile in circumference, features 3,000 custom, curved glass windows. The building alone cost nearly $232 million, while exterior landscaping and irrigation cost $85 million.
Local employee headcount
| Rank | Prior Rank | Business name |
|---|---|---|
1 | 1 | Apple Inc. |
2 | 2 | Alphabet/Google Inc. |
3 | 3 | Cisco Systems Inc. |