Apple Buys Two Buildings in Cupertino City Center Campus for $290MM

By Meghan Hall

Apple is continuing to expand within its hometown, purchasing a portion of the Cupertino City Center Campus, where the iPhone company currently has offices. According to reporting by The Mercury News, Apple closed on two buildings — known as Cupertino City Center 1 and Cupertino City Center 2 — for $290 million this week, or roughly $923 per square foot combined.

Located at 20300 and 20330 Stevens Creek Blvd., the larger building totals 168,000 square feet, while the smaller totals 146,000 square feet. The seller was SVP Cupertino City Center Corporation, an entity associated with Los Angeles-based American Realty Advisors, which purchased the property in December of 2009 and September of 2011 for a combined $162.3 million, according to public records. 

Cupertino City Center was constructed in the 1980s in a corner of upscale Cupertino, and the campus includes not just five office buildings, but three residential projects and a hotel. Shared community amenities include a fitness facility, pool and amphitheater.

While the acquisition solidifies Apple’s commitment to Cupertino, the company has also been expanding throughout the San Francisco Bay Area. As of February 2018, Apple owned 86 acres in North San Jose alone, which the company purchased in July of 2015 and for which the City of San Jose granted Apple permission to develop 4.1 million square feet of office space over the next decade. 

The company continues to grow throughout the United States as well. Just this month, Apple announced that its U.S job footprint is now at 2.4 million across all 50 states, four times the amount of jobs attributable to the company eight years ago, according to a statement by the company. In San Diego, Apple announced it intends to hire 1,200 people and build a new campus with thousands of square feet of office, lab and research facilities. In Seattle, Apple plans to add 2,000 new employees.

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