Facebook’s headquarters in Menlo Park is expanding yet again, as Silicon Valley Business Journal reported that the company reached an agreement to acquire a 10-building site with roughly 1 million square feet of space right next door to the Frank Gehry-designed West Campus expansion, which is currently under construction.
According to Silicon Valley Business Journal, the 59-acre property, at 300 Constitution Ave., is owned by Switzerland-based TE Connectivity, a manufacturer of components for consumer electronics, telecommunications, aerospace, and other industries.
A Facebook spokesperson said in an email to Silicon Valley Business Journal:
The adjacent property we’ve agreed to purchase is an investment in our future. We have no immediate plans to develop the property.
With that in mind, TE Connectivity will lease the space for an undetermined period of time with hopes of keeping its 600 or so employees in the area, Silicon Valley Business Journal reported.
TE Connectivity Spokeswoman Jane Crawford told Silicon Valley Business Journal the deal is expected to close in about 90 days. Terms of the transaction were not revealed, but according to county tax records, the property was valued at some $90 million.
Tech analyst Rob Enderle told Silicon Valley Business Journal:
When you’re anticipating growth, you want to bet on that future. I think at this point, for where Facebook is at, it’s a logical investment to make.
And Menlo Park Mayor Ray Mueller told Silicon Valley Business Journal:
It signals a continuing, long-standing vision that Facebook has to be in Menlo Park. We see that with the two campuses Facebook has now, but now see that with the third. That’s exciting, and as they move into their adolescence, it can only be great for the city as you look at what they’re going to do, and what we’re trying to do for this area.
Readers: Was this a smart move by Facebook as it considers future expansion?