Apple Inc Becomes the Biggest Landowner in Cupertino- By: Rudson Tren
Computer and mobile music player maker Apple Inc has acquired a huge tract of land from technology competitor Hewlett-Packard. The 98-acre Real Estate piece used to be part of HP’s Cupertino headquarters in California. The property transaction made Apple Inc the biggest landowner to date in the suburban city. Exact purchase figures were not disclosed, but property experts came out with a rough estimate of about $300 million based on current Real Estate prices in the vicinity.
The acquisition is believed to enable Apple Inc to provide more working space for its staff in time for perceived and targeted growth. The company now owns and occupies up to 57 buildings in the area. Market observers noted that the technology firm hired additional 12,300 employees last year. Total global workforce of the firm now stands at about 46,600.
Thus, Apple Inc’s growth is often described as ‘spectacular.’ According to reports, the company is one of the only remaining businesses in the valley that continues to hire people. It is logical that the company needs more space in the area.
It should be noted that Apple Inc is focused at expanding its Real Estate. It remains unclear what the company would exactly do in its latest property purchase. The company is yet to reveal plans as to how it would use the additional piece of land it bought from HP, which in turn is focusing on its Palo Alto facilities, still in California.
Apple Inc has just doubled the size of its Cupertino home base. The company issued a statement saying that its ‘campus is currently bursting at its seams.’ It is also not clear by this time how the property transaction would pose impact to Real Estate prices and demand in the area.
The Real Estate purchase comes as Apple Inc sets to roll out huge discount sales for the so-called Black Friday weekend. The company is offering hefty post-Thanksgiving markdowns on prices of some of its popular consumer electronic products. It has made the discount scheme an annual event in time for the holiday.
Apple Inc has announced that it would slash prices of its MacBook Pro, Air notebooks, and iMac by $101. It would also reduce by $41 price tags of its popular iPod Touch and iPad. It would offer huge discounts on prices of select accessories including headphones, iPad cases, docks, Magic Mouse, and Time Capsule.
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