Apple buys huge development site in San Jose for $138 million


Apple has purchased a massive development site in North San Jose in a blockbuster real estate transaction, reports the Silicon Valley Business Journal. The move comes just weeks after the company leased nearly 300,000-square-feet of office space in the city.

According to public records, Apple closed the deal with developer Lowe Enterprises’ for its so-called “n1 Campus” last week. It paid around $138 million for a roughly 43-acre development site, which has been approved for up to 2.8 million square feet of office space.

In addition to office space, the Business Journal says it has been told that Apple is also in the market for “broad swaths of heavy R&D and industrial space.” It’s possible that Apple may be looking for space to expand its electric car venture, code-named Project Titan.

Apple’s real estate team has been extremely busy in recent years. Not only is it currently building an enormous spaceship-like campus in Cupertino, but it has also recently begun building out office facilities in Sunnyvale, California and Pittsburgh, Pennsylvania.

Source: Silicon Valley Business Journal