Moving may not seem like a big deal for many corporations, but for one like Facebook, relocating its corporate headquarters speaks volumes. With over 1,400 employees in its current Palo Alto corporate offices (and over 2,000 employees worldwide), finding a new home gets the attention of many.
Sun Microsystems previously owned the 57-acre Silicon Valley campus that Facebook is looking to occupy. That is, once the deal is solidified with and through the State of Wisconsin Investment Board. The board will buy the one million square foot property for $100 million from the Oracle Corporation and lease it to Facebook, to the tune of $12 per square foot, per year. Facebook is looking at relocating since it is outgrowing its current headquarter operations at their South California Avenue address. But, they do have a little time to consider any deal since their lease doesn’t expire there until 2013. Until then, they are doing due diligence and entertaining negotiations in order to find a fair deal.
The company culture at headquarters at Facebook is part of what has made the company such a “people place.” There is free food, drinks and entertainment for the company’s employees, and the overall atmosphere at the corporate office is very leisurely and laid back, making it an ideal place to work. Analysts agree that this is a lot of what makes the company an ideal place to work, adding stability and low turnover for employees.
Spokespersons at Facebook point out that the deal will not necessarily go through, which is why the company is doing its due diligence. The Silicon Valley campus looks to be a promising deal since Facebook headquarters will occupy the entire campus, moving them away from a trendy, heavily traveled current location to a more isolated one. However, the company is looking at sites where its long-term growth can be comfortably accommodated.