Apple has acquired a large office building in Cupertino, signaling the tech giant’s expansion plans. This purchase also indicates a weakened office market due to the pandemic. The four-story structure located at 10200 S. De Anza Blvd., two miles from Apple’s headquarters, was purchased for $70 million cash – significantly less than what Rubicon Point Partners paid for it four years ago ($107.5 million).
The deal reflects declining office values since COVID-19 but is also an indication that tech companies are still looking to grow despite job cuts and layoffs in the industry recently reported by various news outlets. According to reports, this particular building could potentially house 650-800 employees once occupied again post pandemic restrictions lift up completely .
