Apple Buys Some More, Makes $290M Silicon Valley Play

Cupertino City Center I

Apple has reportedly purchased a two-building office complex in its hometown of Cupertino, Calif., for $290 million. The pair of buildings totaling nearly 300,000 square feet at the corner of Stevens Creek Boulevard and Torres Avenue form part of the mixed-use Cupertino City Center development, a short drive down the road from the tech giant’s new corporate headquarters at 1 Apple Park Way.

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Apple acquired the property from investment manager American Realty Advisors, according to Santa Clara County documents cited by Mercury News. American Realty had owned the asset through an affiliate, SVF Cupertino City Center Corp.

The buildings, Cupertino City Center I and Cupertino City Center II, are located at 20300 and 20330 Stevens Creek Blvd. and encompass 160,728 square feet and 138,805 square feet, respectively. Completed in 1984, the four-story buildings changed hands several times before American Realty picked them up from Walton Street Capital in 2011, according to Yardi Matrix. News reports at the time put the portfolio sale price at an estimated $120 million.

The overall Cupertino City Center complex features five office buildings, three residential projects, restaurants and a hotel. Apple has previously leased space in the two buildings for its operations over the decades.

Apple bites into more real estate

The iPhone maker has been boosting its presence in the Silicon Valley city, which hosts the company’s old headquarters at 1 Infinite Loop as well as its new headquarters campus, a $5 billion facility dubbed Apple Park. The doughnut-shaped property designed by Norman Foster opened in 2017.

Apple has also opened another campus in Sunnyvale, Calif., less than 5 miles away and has assembled a site for yet another development in north San Jose. The company is also investing to expand its operations in Austin, Texas, and recently signed a lease with Kilroy Realty Corp. to fully occupy 333 Dexter, a 635,000-square-foot campus in Seattle.