Jan 4, 2011

Facebook to splash cash on new headquarters: Report

Facebook is not wasting any time in spending the USD 500 million that it reportedly raised from Goldman Sachs and the Russian firm Digital Sky Technologies.Facebook-icon
A day after The New York Times reported the massive investment, the San Jose Mercury News reported Tuesday that the world's largest social network is set to buy the former corporate campus of Silicon Valley pioneer Sun Microsystems which was bought out by competitor Oracle last year.

Terms of the deal for the buildings and 23-hectare site were not available. But the report said that the property had an appraised value of USD 228.4 million.

Facebook currently accommodates its 1,500 workers in several rented offices in Palo Alto near Stanford University, and the move to a purpose-built headquarters would allow it to concentrate its various units in one place.

Facebook declined to confirm or deny the report.

"We are in the due diligence phase on one potential site, but it would be premature to offer any specifics," said Facebook spokesman Larry Yu. "We hope to have more to share in the near future once things have been finalised."


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