Apple-leased buildings in Cupertino are grabbed by big NYC investors
CUPERTINO — Office buildings in Cupertino that Apple leases have been bought by East Coast investors, a fresh sign properties in Silicon Valley tech hubs remain a hot ticket despite coronavirus-linked uncertainties.
The two-building De Anza Plaza office complex on North De Anza Boulevard has been bought by Cantor Fitzgerald, documents filed on July 23 with the Santa Clara County Recorder’s Office show.
New York City-based Cantor Fitzgerald paid $63.8 million for the buildings, according to the county documents.
Cupertino-based Apple occupies both of the buildings, which are near the corner of De Anza Boulevard and Stevens Creek Boulevard, a prominent intersection in Cupertino a short distance from Apple’s headquarters.
The building at 10101 N. De Anza totals 53,200 square feet and was bought for $43.4 million. The 10001 N. De Anza building totals 29,200 square feet and was sold for $20.4 million.
Colliers commercial real estate brokers Andy Zighelboim, Robert Gilley, Brad Idelman, Kevin Moul, and Andrew Gibson helped to arrange the transaction.
Cantor Fitzgerald accomplished the purchase by taking ownership of a ground lease on the site, the county records show.
“This transaction not only underscores the strength of Apple’s credit but further demonstrates the desirability of investing in high-growth science and technology markets which are leading the economy out of the pandemic,” said Zighelboim, a Colliers executive vice president.
Cupertino has been drawing big-time interest from real estate buyers in recent years.
Among the notable purchases in Cupertino lately:
— $346 million was paid for 10 office buildings in an Apple office campus on Results Way in Cupertino in October 2020. The buildings together total 384,000 square feet. Apple leased the buildings in 2011, which at that time marked a rare foray for Apple west of State Route 85 in Cupertino.
— Also in October 2020, Taiwan-based investors paid $98 million for six Cupertino buildings that Apple is renting.
— In September 2020, four Cupertino office buildings occupied by Apple were bought by a real estate investment firm with a global reach in a $73.8 million deal.
— Apple itself is part of the buying frenzy in Cupertino. In 2019, Apple paid $290 million for two big office buildings at the corner of Stevens Creek Boulevard and Torre Avenue.
— Big apartment buildings in Cupertino are also popular, along with offices. In May 2020, Prometheus Real Estate Group paid $70 million for Gardens of Fontainbleu Apartments, a 125-unit complex at 10200 Miller Ave.