Apple has bought 98 acres of land in Cupertino from Hewlett-Packard, which is moving out of the city, Mercury News reports.
As HP moves out of Cupertino to consolidate its operations in its headquarters in Palo Alto, its property is a perfect fit for Apple, which had already bought a 50-acre strip of land right across the street in 2006. Mercury News reports that the local real estate experts estimate HP’s asking price for the property at $300 million or more.
These two sites are together several times bigger than Apple’s current headquarters at 1 Infinite Loop, several blocks away. “We now occupy 57 buildings in Cupertino and our campus is bursting at the seams. These offices will give us more space for our employees as we continue to grow,” said Apple spokesman Steve Dowling.
Apple’s move to expand its headquarters comes as no surprise given Apple’s business results in the past couple of years. Apple has been growing tremendously, reporting $20 billion in revenue in the last quarter, and it’s one of the few IT companies that are currently hiring.
Apple, which has been at its current ultra-cool address — 1 Infinite Loop, Cupertino — for more than 30 years, didn’t disclose what it plans to do with the freshly acquired property.
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