Monday, August 10, 2015

Apple Purchases "N1" Development Site in North San Jose!!!

It looks like Apple is doubling down on San Jose even before they move into the 290,000 SQFT of office they leased at 101Tech. Doubling down would be putting it lightly since this time around they are not renting... they are buying.

Apple is purchasing the entire development site for the N1 Office Campus off of First Street and Component Drive in North San Jose! The $138 million deal will buy them 43 acres ripe for an epic project. 1.8 million SQFT of office was already planned for the site, with a grand total of 2.8 million SQFT entitled. That theoretically means that Apple could build the same amount of office space in San Jose as their new spaceship in Cupertino.

Nathan Donato-Weinstein from the SVBJ even got an official statement from Apple:

"As we continue to grow, we're planning to build R&D facilities and some additional office space in San Jose," spokeswoman Rachel Wolf said in an emailed statement. "The property isn't far from the future home of our new campus and we're looking forward to expanding our presence in the Bay Area."

If this purchase isn't a huge vote of confidence for the San Jose market, I don't know what is! I just hope that Apple will opt for an iconic office design now that they own the land.

Sources: SVBJ, SocketSite

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