Apple Buys 43-Acre Development Site in San Jose for $138 Million

Apple has purchased a roughly 43-acre property at 2347 North First Street in North San Jose for $138 million, reports the Silicon Valley Business Journal.

The so-called “n1 Campus,” marketed by Lowe Enterprises, was acquired by Apple just last week and follows an earlier deal in which the company agreed to lease about 300,000 square feet of office space in San Jose.

As the Silicon Valley Business Journal emphasizes, the recently acquired land offers endless possibilities: it is approved for up to 2.8 million square feet of office space — if this sounds familiar, it’s because the Apple Campus 2 measures at about the same size — while its previous owner marketed plans for a 1.8 million-square-foot campus setting.

Now that Apple owns the land, it has the freedom to do whatever it wants with it. Nathan Donato-Weinstein, writing for the Business Journal, speculates that this transaction could act as a major incentive for other investments in San Jose.

Image credit: Silicon Valley Business Journal.