Apple Reportedly Shopping for 2 Million Sq. Ft. of Office Space in Silicon Valley
A report by Nathan Donato-Weinstein from Silicon Valley Business Journal says Apple is looking to widen its commercial footprint in Silicon Valley, as insiders claim the company seeks 2 million square feet or more commercial space in the area.
The growth spurt — which industry insiders say is focused on Sunnyvale, Santa Clara but could extend into San Jose.
“This is going to be the real estate story of 2015,” said one real estate industry veteran, who asked not to be named to preserve relationships with Apple.
Some believe the commercial real estate will come with a heavy R&D requirement as Apple is rumoured to push into the automobile space. One possible commercial spot is a former FedEx distribution centre in Santa Clara, which has 151,000 square feet of space. Sources say Apple will occupy the spot, but no info about a lease signed has emerged.
Apple is said to be concentrating its interest on Sunnyvale around the Peery Park area, where the company started leasing space years ago, note sources familiar with the matter.
Such spots include the 65,000 square feet space at Trumark Commercial’s 690 E. Arques Ave., a site the Summit Public Schools was set to lease until Apple came into the picture, along with Hines Interests’ 825 Stewart, a 75,000 square foot building the iPhone maker just leased.
Other buildings Apple might possibly lease according to sources include:
- Lane Partners’ 650 Almanor Ave., a 52,000-square-foot building
- Rockwood Capital’s 420 N. Mary Ave., about 100,000 square feet
- Christensen Holdings’ 213,000-square-foot project under construction at 433 Mathilda Ave.
- Lennar Commercial’s 140,000-square-foot 3689 Kifer Road
Real estate industry sources say Apple leased 1.8 million square feet in Silicon Valley from 2014 to April 2015.
Just yesterday it was reported Apple had reportedly hired a new general contractor to finish construction of the company’s new Apple Campus 2 site, which spans about 2.8 million square feet and is set to be completed sometime in 2016.