A new Santa Clara office project currently under construction has been leased by Apple as part of the tech giant’s continued Silicon Valley expansion. Stevens Creek Boulevard Office Campus, by developer Peery Arrillaga, is being delivered in two phases with the first phase already complete and the second still in process. The project is located at 5407 and 5409 Stevens Creek Blvd. At full buildout, Apple is slated to occupy 147,500 square feet of space at the 5407 Stevens Creek Blvd. building that’s just in the beginning stages of site infrastructure work.
The project is located on a 5.08-acre parcel that was the site of a former IHOP restaurant and will yield a total of 295,500 square feet of office space once the second phase is finished. Each of the two buildings is six stories and can accommodate a total of 1,118 vehicle spaces within below grade parking garages as well as 50 bicycle spaces.
Apple, which has its headquarters at the Apple Park spaceship campus in Cupertino, recently leased another nearby building at 5300 Stevens Creek Blvd. in San Jose — about 0.3 miles from Stevens Creek Boulevard Office Campus. Apple began leasing space at the San Jose property known as the Triangle Building in 2012 and is now leasing the building’s entire 86,000 square feet with interior renovations underway.
Following an announcement at the end of January that the company’s first quarter revenue hit $91.8 billion, nine percent above the same time last year — in mid-February, Apple shares dropped by two percent. The fall coincided with lower iPhone sales due to pressures on the supply chain caused by the coronavirus outbreak that affected China and many other countries.
The company released an investor update on Feb. 17 stating, “Work is starting to resume around the country [China], but we are experiencing a slower return to normal conditions than we had anticipated. As a result, we do not expect to meet the revenue guidance we provided for the March quarter…”