Facebook announced its expansion plans, with it the social networking site is moving into the former headquarters of Sun Microsystems. Facebook will be moving from the space it has leased on S. California Avenue and 1050 Page Mill Road in Palo Alto into Sun Microsystems' old headquarters, an 11 building, 57 acre, 1 million square foot property on the Bayfront Expressway in Menlo Park.
Few companies have been as resistant to the economic downturn as Facebook. Just two years ago, the company moved to its current headquarters in Palo Alto, Calif. But with a workforce increasing at a 50% annual rate, moving to Sun's nine-building campus in nearby Menlo Park makes sense.
Facebook has a 15-year lease on the property, with an option to buy after five years. In addition, Facebook purchased 22 acres of land adjacent to the campus that could be used for expansion. Financial terms of the deal weren't disclosed, and Menlo Park officials didn't offer any tax incentives to the social networking site to entice it to make the move.
Facebook has more than 2000 employees, a number that has doubled since last year when they outgrew their space in Palo Alto. "We're reaching a point where we won't be able to fit," Ebersman said. "Facebook is growing 50% a year in terms of headcount and our growth plan is to continue hiring in the Bay Area." Many think that the company now boasts over 600 million users, with 11.5% of the world now on Facebook.
Its Menlo Park location would be able to house about 3,600 employees, (and 3700 parking spaces) and Facebook Head of Real Estate John Tenanes said that it could hold, "Even more."
[tags]property,social networking,menlo park,sun microsystems,palo alto,office campus,headquarters,bat area[/tags]