Apple signed a lease for 300,000 square feet of office space in San Jose last month, but the company might be eyeing a bigger expansion in the city, according to a new report that Apple just purchased a massive development site in North San Jose.
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Apple has purchased 43 acres in North San Jose for $138 million.
The Daily ReckoningApple’s spaceship campus is still under construction in Cupertino even as its buying up land in other parts of the Bay. The move represents a strong believe in the company’s future. The land sale represents a healthy profit for the seller, an affiliate of Connecticut-based Five Mile Capital Partners, which paid $40 million for the property in 2010. Apple has not submitted building plans for the site, and it is unclear what the company plans to do with the land.
Prior to this development, Apple leased an already established building of 300,000 square feet in North San Jose but this time it has purchased which is a straight forward indication that the wants to employ the plot in use the way it desires.
“It’s mind-boggling what Apple is doing”, said Terry Bell, a senior vice president with Colliers global, a commercial realty firm.
Apple is expanding rapidly and it is putting significant thought into their future and all the talent they need to expand and house.
Apple is also working to introduce a self-driving vehicle and for this goal it has acquired 600,000 square feet of industrial space to create work area to facilitate the research work needed to launch the auto, but how Apple aims to employ these 2.8 million square feet in use is yet to be known.
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Apple is far from the only technology company to wolf down big servings of land or buildings in Silicon Valley. Samsung is building a huge regional headquarters in North San Jose.
