Reuters reports the deal will give Apple an additional 98 acres of land, roughly doubling the size of the company's Cupertino presence.
"We now occupy 57 buildings in Cupertino and our campus is bursting at the seams," Apple spokesman Steve Dowling said. "These offices will give us more space for our employees as we continue to grow."
"Local real estate experts said HP's asking price may have been $300 million (£191.61 million) or more, but they also said the final amount may have been less because of the sluggish commercial real estate market," Mercury News added.
Last month, Apple announced it had 46,600 full-time employees as of 25 September 2010, up from 34,300 a year-ago and 32,000 in 2008, although retail jobs formed the bulk of the increased employee numbers.
In a US Securities and Exchange Commission filing, Apple added it anticipated opening 40 to 50 new stores in 2011, more than half located outside the U.S.
According to Mercury News, HP plans to transfer several thousand workers from Cupertino to Palo Alto over the next two years, as part of a consolidation that also involves upgrades to its main headquarters.