Apple leased 373,000 square feet of office space in the Results Way Corporate Center, which will house an extra 1,300 employees.
The new office space is only a few minutes from Apple’s headquarters. Leasing more office space is a temporary measure until the company wins approval from Cupertino to extend its headquarters.
Eventually, Apple hope to build a completely new campus capable of housing up to 12,000 employees. Recently Apple bought 150 acres of land from Hewlett Packard, where it hopes to build the new facility.
Apple CEO Steve Jobs said recently that the company was growing “like a weed”. The company’s new campus is expected to have one million square feet of space and will be shaped like a circle.
Jobs went on to say that Apple “had a shot at building the best office space in the world”.
The company is still waiting for official approval from Cupertino, though the mayor of the city has indicated that the plans will be approved. Apple aims to have the campus completed by 2015.
Kelly Kline, Cupertino’s City Economic Development Manager was quoted in the San Jose Mercury as saying: “This is all good news for the city.
“Apple is the premier corporation in Cupertino.”
“Apple is going through remarkable growth,” Todd Shaffer, a Senior Vice President with Cornish & Carey Commercial, a realty firm, told the newspaper.
“Results Way is one of the few large campuses that they could lease. Apple has been expanding aggressively in Cupertino.”
Editor’s notes: Apple’s new headquarters – Apple Park Campus, opened its doors in 2018.
In October 2020, Swift Real Estate Partners acquired the 373,000-square-foot office Results Way Corporate Center leased to Apple on a long-term basis, for $346 million.
Swift purchased the property from DWS Group, the asset management affiliate of Germany’s Deutsche Bank, which had purchased the asset in 2013.
On Friday 30th June 2023, Apple, which was the most valuable company in the world at the time, hit a market capitalisation figure of $3 trillion as shares ended the day up 2.3% as technology stocks rebounded on the back of investor bets that the Federal Reserve may slow its pace of interest rate hikes as well as on the back of the buzz around artificial intelligence.