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PALO ALTO, CA-Facebook Inc. will consolidate most, if not all, of its operations here into two-story, 137,000-sf building at Stanford Research Park while it searches for a corporate campus environment to call its own. The online social networking firm is currently spread among several Downtown buildings. The move is scheduled to occur in early 2009.

A company source tells Globest.com the company–which plans to grow from 600 employees to 1,000 by year’s end–may ultimately decide to maintain some Downtown office space to cover any overflow. Some of the company’s leaseholds include space at 164 and 285 Hamilton Ave., 156 and 151 University Ave., and 500 Emerson St.

“While the new building is large enough to hold all of our current employees, it may not be adequate to keep all of us together until we find a permanent headquarters,” says a company spokesperson. “To prepare for this contingency, we expect to retain some of our current space in downtown Palo Alto as well.”

Its soon-to-be new home base is a former Hewlett-Packard building that later housed HP-spinoff Agilent. The property is slated for eventual conversion to housing under a 2005 agreement between the city and Stanford University. A recent leasing flyer for the building says it could be leased through mid-2013. The asking lease rate was $1.25 per sf per month, NNN.

In explaining why it didn’t expand Downtown while it sought a headquarters campus environment, a Facebook spokesperson says the new space “positions us well to continue looking for a long term campus solution while also allowing employees to work together as much as possible.”

Stanford Research Park is a 700-acre, 10-million-sf development on land owned by Stanford University. The park is home to 162 buildings housing approximately 150 companies predominantly scientific, technical and research oriented.

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