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Apple just spent $138 million on a slice of San Jose

August 3, 2015, 8:00 PM UTC
Apple Reports Quarterly Earnings
NEW YORK, NY - JULY 23: The Apple logo hangs in front of an Apple store on July 23, 2013 in New York City. Apple is due to report third-quarter earnings after the markets close Tuesday. Apple, the California based technology company, has watched its stock sink to $427.68 a share from an all-time high of $702 last September. The company is under pressure to release a new blockbuster product. (Photo by Spencer Platt/Getty Images)
Photograph by Spencer Platt — Getty Images

Apple is continuing its expansion into the city of San Jose, Calif. with the purchase of a 43-acre site, according to the Silicon Valley Business Journal.

As part of the deal, which closed last week, Apple paid $138 million to Lowe Enterprises for the site, according to documents filed at the Santa Clara County Clerk-Recorder’s Office. This is the company’s second move into San Jose after recently signing a lease for a 300,000-foot building from Ellis Partners that’s very close to the new site it just purchased.

Apple (AAPL) has resided in Cupertino, Calif. a somewhat prestigious suburban city in the greater San Jose area, for much of its existence; that’s where its new “spaceship” campus is being built. However, Apple is now expanding it presence, which means venturing into nearby cities. Apple also recently signed a lease for about 76,000 square feet of space in the same South of Market building as CBS Interactive.

 

It’s not quite clear yet what Apple plans to do with the new space, although the site is approved for 2.8 million square feet of office space (as much as the spaceship campus). Lowe Enterprises had been advertising plans for architecture firm Gensler to build 1.8 million square feet of an urban-style campus. However, as the SV Business Journal points out, Apple purchased rather than leased the site, signaling that it may have something different in mind.