Oracle, the parent of Sun, still occupies the property that Facebook will enter into a lease 15-year lease with the option to purchase after five years
The nine-building campus can accommodate 3,600 people, and the company expects all Facebook employees now working in the San Francisco Bay Area will work in the new digs.
The social network currently has about 1,400 staff in Palo Alto, 2,000 worldwide, and expects to hire more people at the current growth rate of about 50 percent a year.
The Mayor of Menlo Park and other city officials called Facebook an “anchor tenant” in a press conference that just ended. Some of the local enthusiasm about possible revenue influx into the suburb was tempered by Facebook saying that its renovation of the 57-acre property would include the addition of a mini-mall containing amenities that employees might need.
Readers, what do you think about the new announcement?