Apple Inc. has been reported as the buyer of the 43-acre development parcel known as the “n1 Campus” in North San Jose. The news was broken by the San Jose Business Journal yesterday morning. The site is located at 2347 North First Street, in very close proximity to a 291,000 square-foot 101 Tech building the company already leases in San Jose from San Francisco-based Ellis Partners. Lowe Enterprises and Five Mile Capital Partners, the joint venture sellers of the purchased land, were able to secure a remarkable deal for a parcel they bought five years ago for $39 million.
The parcel has been approved for up to 2.8 million square feet of office space, which is about the same size of the Spaceship campus that Apple is already building in Cupertino.
“As we continue to grow, we’re planning to build R&D facilities and some additional office space in San Jose,” spokeswoman Rachel Wolf said in a prepared statement. “The property isn’t far from the future home of our new campus, and we’re looking forward to expanding our presence in the Bay Area.”
The city’s efforts to attract tech giants and raise its profile are clearly working. Besides Apple’s latest push into San Jose, a few others already call the city home, Samsung and Cisco Systems Inc. among others.
With the purchase of the “n1 Campus,” Apple was able to secure one of the last remaining development sites in San Jose. Although a few other development projects remain the area, it is clear that Apple’s acquisition of the land will attract significant focus on the city going forward.