Monday, October 03, 2005, 06:10 am PT (09:10 am ET)
Apple leasing spree targets Cupertino office spaceApple has been quietly but consistently leasing tens of thousands of additional square footage in its hometown of Cupertino, beginning at the end of 2004 and continuing into this year, reports the Silicon Valley Business Journal.
In the last ten months, the city of Cupertino has reportedly received seven applications from Apple for new business licenses at seven different Cupertino locations. The applications involve just more than 250,000 square-feet of presumed office and expansion space.
"In total, Apple has paid city business license fees or filed an application for a business license with the city of Cupertino on locations totaling more than 2 million square feet, city records show," said the Journal
"That total includes its six-building world headquarters campus at 1 Infinite Loop, which represents about 850,000 square feet of the total. The campus, built for Apple by Cupertino's own Sobrato Development Cos. in 1993, is a regional landmark viewed daily by thousands who drive past it on Interstate 280."
Apple also reportedly occupies locations on Cupertino's Mariani Avenue, North De Anza Boulevard, Lazaneo Drive, Stevens Creek Boulevard, Bubb Road and Bandley Drive.
The report goes on to speculate that Apple may be leasing more space than it immediately needs in order to lock in today's very cheap rent rates in expectation of future expansion.
"Apple is one of four large companies in the valley whose growth is helping the valley's economy to recover and along the way helping to reduce the region's substantial commercial real estate vacancy rates," said Jim Beeger, a senior vice president at a regional real estate brokerage.
The two-page article provides further details about Apple's corporate expansion and the secrecy in which the company shrouds itself in the process.
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