San Jose building leased by Apple sells for $76.5 million

Prominent San Jose building rented by tech titan Apple lands new owner

SAN JOSE >> A high-profile building in San Jose that’s leased to Apple has been bought by a big developer from Southern California in a deal that shows investors still hunger for choice Silicon Valley sites.

The Triangle Building on the western edges of San Jose whose primary occupant is Apple has been bought by an affiliate of LBA Realty, public documents filed with the Santa Clara County Recorder’s Office on Oct. 1 show.

LBA Realty paid $76.5 million for the building, which is located at 5300 Stevens Creek Blvd. in San Jose, according to the property documents.

The building totals 85,600 square feet and rises six stories and is near the busy interchange of Interstate

280 and Lawrence Expressway. The Triangle Building also is a few blocks away from the main Apple campuses in Cupertino.

County property records show that Apple was a tenant in the building in early 2020.

Direct observation showed in January 2020 that wide-ranging interior improvements were underway on all floors of the building to accommodate Apple’s occupancy.

The deal shows that investors continue to grab Silicon Valley buildings in key sites and with topnotch tenants.

The transaction also points to sharply rising commercial real estate values in the vicinity.

It appears that the sellers, an entity headed by San Francisco-based Stockbridge Capital Group, harvested a big profit through the sale of the building to Irvinebased LBA Realty.

In 2013, Stockbridge Capital paid $41.75 million for the Triangle Building, the Nexis property database shows. In June 2021, the assessed value was $47.5 million.