Swift Real Estate Buys Apple-Leased Campus for $346M
- Oct 30, 2020
Swift Real Estate Partners has acquired a 373,000-square-foot office campus leased to Apple in Cupertino, Calif., for $346 million, according to Santa Clara County records. DWS Group, the asset management affiliate of Germany’s Deutsche Bank, sold the Class B asset after holding it for nearly 7 years.
Built in 1979, the Results Way Corporate Center is located at 5 and 6 Results Way and includes two pairs of buildings spanning 146,000 square feet and 227,000 square feet, respectively. Apple leased the two-story campus in mid-2011 to accommodate as many as 1,300 employees that it could not house at its original headquarters at 1 Infinite Loop. The tech giant opened its new “spaceship” headquarters complex in Cupertino in 2017.
DWS (then Deutsche Asset & Wealth Management), purchased the campus on behalf of one of its international clients in December 2013. Embarcadero Capital Partners sold the office asset, along with a 31,627-square-foot retail building at 16 Results Way, for $165 million, according to Yardi Matrix.
The campus, formerly the headquarters of Measurex, was fully renovated prior to Apple’s move-in, winning LEED Silver certification. Apple occupied the property under a triple net lease. The iPhone maker’s newer, doughnut-shaped campus at 1 Apple Park Way is located less than 5 miles to the northeast of Results Way.
Swift snaps up more assets
The Registry reported last week that a sale to Swift Real Estate Partners was in the works. Based in San Francisco, the commercial real estate investment firm owns properties across the West Coast, including half a dozen in the Bay Area prior to the latest acquisition, Yardi Matrix data shows.
Swift has boosted its portfolio over the past year with a series of office acquisitions, most recently the purchase of Columbia West Building, a 137,349-square-foot asset in Bellevue, Wash., for $72 million. This past March, the company acquired the 347,000-square-foot Hellyer Oaks Technology Park in San Jose, Calif., in a $55.6 million deal. Last November, Swift paid $193 million to pick up a three-property office portfolio totaling 516,890 square feet in Pasadena, Calif., from PGIM Real estate.
Apple has been expanding its presence in Silicon Valley in recent years. In August of last year, the company bought a two-building, 300,000-square-foot office complex in Cupertino from American Realty Advisors for $290 million. More recently, the firm leased 147,500 square feet at 5407 Stevens Creek Blvd., part of the Stevens Creek Boulevard Office Campus being developed by Peery Arrillaga in Santa Clara, Calif.