Samsung Semiconductor has expanded in north San Jose, paying $27 million in cash to Apple for a 70,700-square-foot research building next to its headquarters.
The local chip manufacturing unit of South Korea-based Samsung Electronics bought the one-story building at 3725 North First Street, the San Jose Mercury News reported.
Apple, based in Cupertino, bought the building, built in 1972 on 5.2 acres, in 2015 for $18.2 million, or $257 per square foot.
At the same time, Samsung Semiconductor moved into its 10-story, 1.1 million-square-foot hub on 9.4 acres at 3655 North First Street.
The purchase gives Samsung a 14.6-acre continuous property, with room to redevelop existing buildings.
Despite Apple’s sale of the building, it has taken preliminary steps to hire workers in north San Jose.
Near the corner of Orchard Parkway and Charcot Avenue, Apple owns an 85-acre property with mostly land, as well as two large office buildings. Its plans for the offices aren’t known.
A year ago, the locally based Super Micro Computer paid $80 million for the former headquarters of Fry’s Electronics in north San Jose, approved for redevelopment into a 1.9 million-square-foot office campus at 550 East Brokaw Road.
The seller, Bay West Development, had planned to redevelop the 19.7-acre property into a 3.8 million-square-foot office park before the office market plunged during a shift to remote work.
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