Apple is clearly rooted in Cupertino, and these roots simply received slightly deeper. Metropolis information present that the corporate has bought Cupertino Gateway, a three-building complicated situated at 10200 North Tantau Avenue, for $166.9 million in money. Listed below are the small print.
As reported by The Mercury Information, the deal covers about 220,000 sq. toes of workplace area and was finalized on June 24, in keeping with filings with the Santa Clara County Recorder’s Workplace.
Apple had already been leasing the property, which sits simply south of Apple Park, and is recognized as Apple Tantau Seven.
Apple doubles down on buying acquainted property
This isn’t new territory for Apple. As famous by The Mercury Information, the corporate has been regularly changing leased buildings into owned properties over the previous few years, particularly in its hometown.
It’s a quiet however constant technique that provides Apple extra management over the true property it depends on, with out the necessity for main new building.
The timing can be fascinating, as the acquisition got here simply as Apple bought off a special workplace constructing in north San Jose, in a separate cope with Samsung.
Finally, the deal can be a great instance of how Apple’s actual property strategy stands aside from different main tech firms. Whereas many corporations are reducing again, itemizing unused area, or pulling out of long-term leases altogether, Apple continues to double down on key places, particularly within the acquainted area of the South Bay.
By way of Reddit
FTC: We use revenue incomes auto affiliate hyperlinks. Extra.
