Facebook Expands with New Lease at Moffet Towers 2
The latest expansion of the tech behemoth Facebook is set to increase it’s already hefty footprint in the Silicon Valley area, with the recent lease of an additional 1 million square feet of office space. The office space situation in the area is extremely tight.
The new expansion encompasses three buildings in the shiny new office park of Moffett Towers 2. Developed by Bay Area developer Jay Moffett, the space will house Facebooks’s Oculus virtual reality firm, just a stone’s throw from the main headquarters at Menlo park, according to Co-Star.
Occupying the entirety of the three buildings, Facebook has leased 900 Fifth Ave, 1180 Discovery Way, and 1190 Discovery Way in Sunnyvale through May 2034.
“This will be a great place to attract new talent to Facebook,” said John Tenanes, VP of global facilities and real estate at Facebook. Tenanes was speaking at a recent public opening ceremony, as reported by San Jose Mercury News. Facebook has officially moved into one of the three buildings.
According to Co-Star, the social media giant is expected to employ up to 5,300 people located at the new campus. In order to meet Facebook’s specific needs, the company has spent over $182 million on improvements to the space.
The Moffett Park area is also houses operations for some other big names in the tech industry, including Amazon and Google, which have both continued expanding beyond their main headquarters.
The Moffet Park area has seen considerable growth over the past 10 years. It has become a highly desirable secondary location for many tech firms, as available space in neighboring San Jose becomes increasingly more difficult to acquire. Moffet Park currently has a 3.5% office vacancy, according to CoStar.
“Although much of the submarket area has been built out, developable land is still more abundant in Moffett Park than in most parts of the San Jose metro,” CoStar analysts said. “In fact, over 4.4 million SF of office space (more than 40% of its inventory) has been built here since 2010.”
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