North San Jose Apple Campus Could Employ Up to 15000

The high-tech firm bought a parcel of land near the corner of North First Street and Component Drive in San Jose that is approved for construction of a total of 2.8 million square feet of offices.

The Silicon Valley Business Journal is reporting that Apple bought a 43-acre piece of what’s now an empty lot in the 2300-block of North First Street. The company has taken its website for the plans down though now that the deal with Apple has gone through.

Besides this, much of Apple’s employees are residing in San Jose so on the company’s part it’s pretty much convenient and worthwhile to develop office space where it’s labour force already exists rather than establishing in regions where it would have to additionally invest in human resources too. Since it is Apple’s policy to not disclose reasons to lease new spaces, or make acquisitions, we can only guess the reason behind the company’s recent decision, as its Spaceship campus is also under construction.

The land sale represented a healthy profit for the seller, an affiliate of Connecticut-based Five-Mile Capital Partners, which paid $40 million for the property in 2010, according to county assessment files.

“It’s mind-boggling what Apple is doing”, said Terry Bell, a senior vice president with Colliers global, a commercial realty firm.

Apple is expanding rapidly in the Bay Area.

What’s interesting in the latest transaction is that Apple opted to buy, not lease.

It’s certain, however, that Apple sees substantial expansion in its future.

Apple is far from the only technology company to wolf down big servings of land or buildings in Silicon Valley. LinkedIn is laying major growth plans for Mountain View and Sunnyvale. Samsung is building a huge regional headquarters in North San Jose.