PC huge Hewlett-Packard (HPQ) has established a purchaser for its decades-old site in Cupertino, California, and is nobody except Apple.
Apple turns out to be the biggest property-owner in Cupertino, but it has not proclaimed some preparations for the latest land with this land acquirement.
Cupertino, California-based Apple, which is setting up to get bigger its base of operations in Silicon Valley, has purchased the 98-acre campus that lies near to a 50-acre campus acquired by Apple in 2006 and is about five minutes’ drive from Apple headquarters.
Apple, which stated fourth-quarter income of $4.31 billion on revenue of $20.34 billion, wants additional land as it is increasing its labor force as quick as the sales of its iPhones and iPads. It employs 46,600 people, according to the company’s newest quarterly report.
Apple spokesman Steve Dowling informed the Mercury News, which first reported the story, “We currently live in 57 buildings in Cupertino and our site is full at the closure. These work placed will provide us extra space for our workers as we go on to rise.”
Formerly, Hewlett-Packard had utilized the site for about 20 years before it discarded the place of work multifaceted throughout the summer of 2010 to merge its business operations in the close by Palo Alto. HP plans to relocate some thousand personnel to Palo Alto from Cupertino more than the next two years.
Together Apple and HP have not revealed the cost of the agreement, although realty specialists are approximating that HP would have requested for around $300 million or over. On the other hand, specialists speak that a lethargic financial system and a feeble realty market would have assisted Apple in receiving a good deal.