Apple has bought a 10-building office campus it has leased for more than a decade located a few miles from its headquarters in Cupertino. The question is: For how much?
The tech giant, based in the city, bought the Apple Results Way Campus, a 383,700-square-foot office and research complex centered around Five Results Way, the San Jose Mercury News reported. The price was not disclosed.
The seller was an unnamed corporate entity that is wholly owned by Apple, according to the newspaper.
That entity is the designated successor of the prior owner, an affiliate of Swift Real Estate Partners whose sole role was to own the properties that Apple has just bought, according to public documents.
This byzantine process enabled Swift Realty Partners to avoid paying a transfer tax that is imposed by Santa Clara County when a property is purchased in instances when the buyer and the seller are two distinct entities or people.
Apple had leased the nearly 20-acre property in 2011 in a rental deal that at that time marked the company’s first foray west of State Route 85. It aimed to serve up to 1,300 employees.
Its new property, a few miles from Apple’s massive spaceship office complex, further cements the company’s presence in Silicon Valley. The complex, which includes a full cafeteria and basketball court, is completely occupied by Apple.
In 2020, the Swift Realty Partners affiliate paid $346 million for the tech campus. In mid-2022, the assessed value of the tech campus was $352.8 million.
In July, Apple unveiled plans to build its 536,000-square-foot regional headquarters in Los Angeles cloaked in designer copper.
— Dana Bartholomew
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