Apple Drops $167M in Silicon Valley
The office campus is next to the company's corporate headquarters.
Apple has paid $166.9 million for Cupertino Gateway, a three-building office campus totaling 218,854 square feet in Cupertino, Calif., The Mercury News reported. The tech giant fully occupied the properties prior to purchasing them in an all-cash transaction.
The office complex has previously been under the PGIM Real Estate ownership. The company purchased the asset in 2015 for $165 million from Gaw Capital Partners, CommercialEdge information shows.
Cupertino Gateway is at 10100 and 10200 N. Tantau Ave., and at 5425 Stevens Creek Blvd. The campus is across the street from Apple Park, the corporate headquarters of the company, which houses more than 12,000 employees. The property also has access to Interstate 280 and to downtown Santa Clara, Calif. San Jose Mineta International Airport is 8 miles away, while San Francisco is 45 miles northwest.
Completed in 1991, the campus underwent cosmetic renovations in 2013. The Class B Cupertino Gateway features two two-story buildings and one four-story building across 12 acres and includes 723 vehicle parking spots.
Tech companies expanding in pricy Silicon Valley
As of May, office investment volume in the Bay Area led Western markets, while also ranking third nationally, according to a recent CommercialEdge report. With transactions generating $2.1 billion, the metro also stood out as the priciest in the West, with properties changing ownership at $356 per square foot, way above the national average of $194 per square foot.
The momentum includes some recent noteworthy deals in the metro. One of them is NVIDIA’s $123 million purchase of Santa Clara Commerce Park, closed in May. The company picked up the 251,000-square-foot campus adjacent to its headquarters from Blackstone’s Link Logistics.
In April, LinkedIn also picked up a 120,000-square-foot research and development facility in Sunnyvale, Calif., in a $75 million deal. The two-story property is close to the networking giant’s global headquarters and was sold by a software company.
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