MENLO PARK, CA—Facebook Inc. has completed a deal to purchase roughly 60 acres of land here, at a site that the social-networking giant has earmarked for possible future expansion.
This news was reported Friday by the Silicon Valley Business Journal.
Facebook is said to have paid $101.6 million for the property at 300 Constitution Ave. The property is the home of TE Connectivity, and several hundred of that company's workers will remain there through a leaseback agreement with Facebook.
The campus includes about 10 buildings totaling roughly 1 million square feet, and is near Facebook's current headquarters in Menlo Park.
Facebook is currently at work on a Gehry Partners-designed building next door to the TE Connectivity site, that will include 430,000-square-foot building with a roof garden. That new building could hold up to 2,800 employees.
For its part, TE has signed a five-year lease-back arrangement with Facebook for a portion of the campus, the Business Journal says. And a spokesperson says the company will being begin shopping for another Silicon Valley home.
Click Silicon Valley Business Journal to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
