Apple closed on a $216 million deal to purchase two office buildings on Stevens Creek Boulevard in Cupertino this month, marking its fourth real estate acquisition in the South Bay this year. The properties are part of the mixed-use Main Street Cupertino complex, which features restaurants, cafes, hotels, and an array of financial institutions.
Apple’s latest purchase brings their local real estate investment to over $1 billion since June, encompassing more than 1.5 million square feet of office and laboratory space added to their substantial Bay Area portfolio including the iconic Cupertino headquarters campus.
In late June, the firm bought two office sites: a three-building Cupertino campus for $166.9 million and Sunnyvale’s Mathilda Commons campus for $350 million.
Shortly after, in September, it spent $881.9 million to purchase three Silicon Valley office hubs, two in Sunnyvale and one in Cupertino.
Apple had already been leasing the buildings in question from their respective sellers for years. As such, these acquisitions signal a marked departure from its historic preference for renting rather than owning office space in the region.
Regarding their ongoing buying spree, Apple Vice President of Global Real Estate and Facilities Kristina Raspe told the San Francisco Chronicle, “The Santa Clara Valley has been our home for nearly 50 years, and we’re proud to continue investing in world-class facilities here that are designed to foster innovation and collaboration amongst our team members in support of our customers around the world.”