Facebook would be transferring most of its workforce from its current home in Palo Alto, California to a new address in Menlo Park.
Earlier this property belonged to Sun Microsystems – which got acquired by Oracle. After its acquisition of the Java-maker, Oracle laid of thousands of employees from Sun. Further, it moved a lot of workforce northwards to US 101 to its campus in Redwood Shores. Since then the property housing 9 buildings totalling an area of 57 acres has been vacant.
Facebook in a company statement said that it would not vacate its current address in Palo Alto, California but simply call its new offices in Menlo Park as its headquarters. Facebook has more than 2000 employees out of which 1400 work out of its Palo Alto den. The land-deal between Oracle and Facebook is called a “sale-leaseback” where the land has been leased to the social-networking giant for a period of 15 years. Facebook has the option of buying the property after occupying it for 5 or more years.
New office would give more than 1 million square feet to operate; they also get a parking space for more than 3700 cars.
Earlier this property belonged to Sun Microsystems – which got acquired by Oracle. After its acquisition of the Java-maker, Oracle laid of thousands of employees from Sun. Further, it moved a lot of workforce northwards to US 101 to its campus in Redwood Shores. Since then the property housing 9 buildings totalling an area of 57 acres has been vacant.
Facebook in a company statement said that it would not vacate its current address in Palo Alto, California but simply call its new offices in Menlo Park as its headquarters. Facebook has more than 2000 employees out of which 1400 work out of its Palo Alto den. The land-deal between Oracle and Facebook is called a “sale-leaseback” where the land has been leased to the social-networking giant for a period of 15 years. Facebook has the option of buying the property after occupying it for 5 or more years.
New office would give more than 1 million square feet to operate; they also get a parking space for more than 3700 cars.
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