By Jon Peterson
Cupertino-based Apple has closed on the acquisition of 101 Tech Center in San Jose for approximately $165 million, according to sources that track the sale of major assets in Silicon Valley.[contextly_sidebar id=”eOXq1mlPj2RXXBkbIIp0sENJskPPqera”]The seller of the property was San Francisco-based Ellis Partners. This company did confirm that the property had been sold but declined to make any other comments.
The sale of the property included 285,000 square feet of space and 12 additional acres. The asset is located at 2325 Orchard Parkway in San Jose. The land that goes along with the sale is approved for the development of an additional 665,000 square feet. Apple had signed a lease to occupy all of the space in the existing property earlier this year.
Ellis had acquired the property in 2011 for $48.5 million, or nearly $167 per square foot. It was bought from the Amtel Corporation. The listing team on the project for this year was led by Michael McMillan, senior director with Cushman & Wakefield. He works out of the company’s office in San Jose.
Apple had been a buyer of another North San Jose property just over a month ago when it was announced that they acquired the 43-acre development parcel known as the “n1 Campus” in North San Jose. Apple paid $138 million to a joint venture of Lowe Enterprises and Five Mile Capital Partners, who in turn paid $39 million for the location five years earlier.