Facebook has nabbed 56 acres of real estate near its headquarters, a piece of property that is estimated to be worth $400,000. The land is said to presently house some biotech and “light industrial” businesses, and for the time being Facebook has no plans to change that. Still, the property — located south of the social network’s Menlo Park headquarters — gives Facebook some wiggle room for future expansions and plans, and by grabbing the land now, it can ensure it has the room it needs when it is needed.
The newly acquired land is Prologis’ Willow Park, and it marks the latest effort on Facebook’s part as it ramps up its current physical presence — not to mention expanding Facebook’s real estate holdings in the region to about 200 acres.
The social network’s real estate director, John Tenanes, put it best when speaking of the newest property grab: “We feel you just can’t build a corporate campus, it has to be integrated into the community. Facebook will continue to grow over time, and there’s a limited supply of land.”
Facebook’s execs are reportedly willing to embrace the region’s new land use goals, and that could lead to retail stores, mixed usage housing, and possibly a hotel, though it doesn’t appear anything is set in stone at this point. Facebook has previously played well with its real estate grabs, including bringing in local businesses.
SOURCE: Silicon Valley Business Journal