Apple Spends $167 Million for New Cupertino Offices

Apple is doubling down on its longtime hometown of Cupertino with a new office purchase.

The trillion-dollar tech giant bought Cupertino Gateway, a three-building complex at 10200 North Tantau Avenue, for just over $166.9 million in cash, The Mercury News reported. PR Cupertino Gateway, an affiliate of PGIM, the asset management arm of Prudential Financial, offloaded the 220,700-square-foot property.

PGIM acquired the property from Gaw Capital Partners in 2015 for $165 million. The Santa Clara County Assessor’s Office placed the three buildings’ value at $197.5 million in January 2024.

Apple had already been leasing the Cupertino Gateway buildings from PGIM prior to the acquisition. It’s the latest instance of the iPhone maker buying up buildings it has leased for offices.

In early 2023, Apple nabbed a 10-building campus known as Apple Results Way from Swift Realty Partners for an undisclosed price. It had been leasing the property since 2011.

Later in 2023, the company spent $70 million on an office building at 10200 North De Anza Boulevard. The 10200 De Anza purchase was a 35 percent discount from its market value just a few years prior.

That property is down the street from a five-building complex Apple bought for $450 million in 2021. It picked up the buildings at 10500 North De Anza Boulevard; 20400 Mariana Avenue; and 20605, 20665 and 20705 Valley Green Drive from affiliates controlled by developer Carl Berg.

Next to the Apple Tantau buildings, Apple continues to lease 5425 Stevens Creek Boulevard, a four-building complex it deemed Apple Stevens Creek. It began leasing the Stevens Creek buildings in 2012, according to the Silicon Valley Business Journal.

The tech company’s corporate headquarters is at Apple Park, located at 1 Apple Park Way, 1 mile north up North Tantau Boulevard from its Apple Tantau abode. It opened the sprawling 175-acre campus in 2017 as a replacement for its 1 Infinite Loop headquarters that opened in 1993. Those buildings are still in use as Apple offices and labs.

— Chris Malone Méndez