California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Apple Picks Up Vacant Cupertino Offices at Deep Discount
Apple has snapped up a big Cupertino office building in a purchase that points to the tech titan’s expansion mode, reported the San Jose Mercury News. The deal also hints at a feeble office market in the wake of the pandemic.
The iPhone maker bought a four-story office building at 10200 S. De Anza Blvd., about two miles from the company’s Cupertino world headquarters. It paid $70 million in cash for the vacant office building, four years after Rubicon Point Partners forked over $107.5 million for the property.
Although the deal illustrates declining office values following the pandemic, it also serves as a reminder that tech companies — despite a steady drumbeat of headlines about tech layoffs and job cuts in the crucial industry — still seek to pave pathways to future expansion.
The 10200 De Anza office building could potentially accommodate 650 to 800 workers, the Mercury News reported.
- ◦Sale/Acquisition
