Apple Expands in Sunnyvale With $46.5MM Purchase of 58,200 SQFT Office Building

Apple, Silicon Valley, Sunnyvale, Invesco Real Estate, Harvest Properties, Mathilda Commons, Public Retirement System of Nevada

By Catherine Sweeney

With its already significant presence in Silicon Valley, Apple is continuing to expand its base in Sunnyvale. In a transaction first reported by The Mercury News, the company acquired a 58,200 square foot office building for $46.5 million, or nearly $800 per square foot. The property was sold by Harvest Properties and Invesco Real Estate.

The one-story building is located at 470-474 Potrero Avenue and would join a number of similar buildings in the area occupied by Apple.

The property was last acquired by Invesco and Harvest Properties as part of a larger portfolio transaction in 2019. At that time, the joint venture acquired four buildings located at 470 Potrero and 648, 810, 870 W. Maude Avenue. The properties, some of which are also occupied by Apple, were purchased for $165 million.

Apple occupies a number of buildings throughout Sunnyvale. The Cupertino-based technology company most recently leased the entirety of Mathilda Commons, a 382,484 square foot building located at 625 and 655 North Mathilda Avenue and is owned by developer Jay Paul.

Earlier this year, Apple also paid $44 million for a property at 123 Uranium Drive in Sunnyvale. Totaling 105,000 square feet, the property was sold by Invesco and the Public Retirement System of Nevada, according to previous reporting from The Registry.

West Coast Commercial Real Estate News