Apple Expands South Bay Real Estate Portfolio with $216M Acquisition
Apple has expanded its real estate presence in Silicon Valley with the purchase of two office properties on Stevens Creek Boulevard in Cupertino. The tech giant acquired the buildings from a group led by Peter Pau, president of Sand Hill Property Co., for $216 million, according to a report by the Mercury News.
The two office buildings—located at 19319 Stevens Creek Blvd. and 19339 Stevens Creek Blvd.—have been under Apple’s lease for several years but were owned by a Pau-affiliated entity until the recent sale. The acquisition adds approximately 266,500 square feet to Apple’s footprint, with the 19319 property at roughly 136,600 square feet and the 19339 property encompassing about 129,900 square feet.
This purchase is part of Apple’s ongoing real estate buying spree in Santa Clara County, which has seen the company spend over $1.1 billion on more than 1.5 million square feet of property since June. These acquisitions include previously leased buildings in both Cupertino and Sunnyvale.
Cushman & Wakefield brokers Erik Hallgrimson and Brandon Bain are the leasing agents for the newly acquired properties. The continued investment signals Apple’s commitment to maintaining and expanding its operational base in the heart of Silicon Valley.
