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It should by located in: ~/Library/Developer/Xcode/DerivedData .
On the Project menu, click Properties. In each project, depending on its type, select either Compile or Build, and set the Output path or Base output path to a folder to use for all projects in the solution.
DerivedData is a folder located in ~/Library/Developer/Xcode/DerivedData by default. It's the location where Xcode stores all kinds of intermediate build results, generated indexes, etc. DerivedData location can be configured in Xcode preferences (Locations tab).
From the Xcode menu on top, click preferences, select the locations tab, look at the build location option.
You have 2 options:
Update: On xcode 4.6.2 you need to click the advanced button on the right side below the derived data text field. Build Location select legacy.
If you build from command line, you can set output directory in the following way:
xcodebuild -workspace 'WORKSPACE_NAME.xcworkspace' \
-scheme 'SCHEME_NAME' \
-configuration 'Release' \
-sdk iphoneos7.0 CONFIGURATION_BUILD_DIR='OUTPUT_DIRECTORY'
In Xcode 5: Xcode menu > Preferences... item > Locations tab > Locations sub-tab > Advanced... button > Custom option.
Then choose, e.g., Relative to Workspace.
If you have Xcode 4 Build Location setting set to "Place build products in derived data location (recommended), it should be located in ~/Library/Developer/Xcode/DerivedData. This directory will have your project in there as a directory, the project name will be appended with a bunch of generated letters so look carefully.
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