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Facebook Makes It Official: We Bought The Old Sun Campus In Menlo Park!

February 8th, 2011 02:13 admin Leave a comment Go to comments

Why has Facebook brought together big time press from Agence France, ABC 7 and TechCrunch together here at Menlo Park City Hall? Because it’s hiring, and it wants to announce it by purchasing a building.

David Ebersman, the CFO of Facebook made the announcement and as we previously reported, 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 property, 1 million square feet on the Bayfront Expressway in Menlo Park.

The building can accomodate  36,000 people and a Facebook representative said that it could hold, “Even more.” The ETA of the move is June/July according to the same representative.

It was rumored that Facebook had been considering a leaseback of the property, with the purchase being assigned to a state pension fund, possibly Wisconsin. This was confirmed today. Facebook plans to move all operations to Menlo Park by the end of the year.

Facebook has more than 2000 employees, a number that has doubled since last year when they outgrew their space in Palo Alto. Many think that the company now boasts over 600 million users, with 11.5% of the world now on Facebook.

At a valuation of $50 billion, Facebook is 1/10 the size of Google in terms of staff (20,000) but only 1/4 in terms of market valuation. Hiring talent in the tech sector has been a battle as of late. And it seems like real estate buys are the hot new battleground: Google recently bought a building in New York for $1 billion dollars and Twitter is reportedly considering a move to Brisbane, of all places.

Updating.

Source: Facebook Makes It Official: We Bought The Old Sun Campus In Menlo Park!

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