SUNNYVALE — Apple has deepened its presence in Silicon Valley with a deal to purchase a Sunnyvale workplace and analysis constructing that’s in an actual property scorching spot.
The tech titan paid $46.5 million to buy an workplace constructing on Potrero Drive in Sunnyvale, in response to paperwork filed on Sept. 14 with the Santa Clara County Recorder’s Workplace.
Apple’s deal to purchase the constructing runs counter to a story that tech firms have launched a wide-ranging exodus to bolt from Silicon Valley amid issues in regards to the area’s brutal value of dwelling.
Plus, the aftermath of the coronavirus breakout has dampened the need on the a part of some tech staff to return to their places of work in individual.
The iPhone maker purchased the constructing by means of an all-cash deal, the county paperwork present.
The one-story workplace constructing has addresses of 470 and 474 Potrero Ave. in Sunnyvale, in response to public data. The constructing totals about 58,200 sq. ft.
An actual property alliance of Harvest Properties and Invesco bought the constructing to Apple, the county public data present.
Apple had already been leasing the constructing from Harvest and Invesco, which in 2019 teamed as much as purchase the constructing together with two adjoining websites.
In 2021, LinkedIn had purchased properties subsequent door from Harvest and Invesco.
These offers are all a part of a scramble by tech firms, builders and actual property traders to seize websites in Sunnyvale, which for a decade has became a scorching spot for business property purchases and leases.
Google, Apple, LinkedIn, Amazon and Fb app proprietor Meta Platforms have all created a significant presence in Sunnyvale.
Cupertino-based Apple’s transfer to purchase the Sunnyvale workplace constructing assures that the tech firm can management the possession of the constructing at a time when loads of growth plans are underway within the space.