Menlo Park City Council Email Log

[ Home ] [ City Council ] [ Search ] [ 05/06 Archive ] [ 07/08 Archive ] [ 09/10 Archive ] [ 2011 Archive ] [ 12/13 Archive ] [ Watch City Council Meetings ]


From: domainremoved <>
Date: Fri, 6 Jun 2014 20:01:18 -0400

Silicon Valley Business Journal
Jun 6, 2014, 3:21pm PDT UPDATED: Jun 6, 2014, 4:39pm PDT
Exclusive: Facebook buying 59-acre, 10-building TE Connectivity campus in
Menlo Park


Enlarge Photo

Facebook Inc. has struck a deal to buy the 10-building Menlo Park campus
of TE Connectivity. Map courtesy of Google.


_Nathan Donato-Weinstein_
Real Estate Reporter-Silicon Valley Business Journal
_Email_ (mailto:ndonato-weinstein_at_(domainremoved)

Even before _Facebook_
(http://www.bizjournals.com/profiles/company/us/ca/menlo_park/facebook_inc/3287805) Inc.'s new _Frank Gehry_
(http://www.bizjournals.com/sanjose/search/results?q=Frank%20Gehry) -designed campus is
complete, the social media giant is already banking more space in Menlo Park
for future growth.
Facebook has struck a deal to buy the 59-acre campus of TE Connectivity, a
10-building site — with about 1 million square feet of office/R&D space —
at 300 Constitution Ave. That is right next door to the under-construction
Gehry project, where steel is currently rising.
"The adjacent property we've agreed to purchase is an investment in our
future. We have no immediate plans to develop the property," a Facebook
spokesperson said in an email. News of the deal was first reported Friday by The
Business Journal.
TE Connectivity spokeswoman _Jane Crawford_
(http://www.bizjournals.com/sanjose/search/results?q=Jane%20Crawford) said the deal for the 10-building
campus is expected to close in about 90 days. She declined to release
terms of the transaction, including price.
Switzerland-based TE Connectivity, which designs and makes components for
consumer electronics, telecommunications, aerospace and other industries,
will lease back the facility for an undetermined time — perhaps several
years, Crawford said.
TE Connectivity has 600 employees at the site and hopes to remain in the
area, she said.
"This region is really important to our future growth," Crawford told me.
"It's an innovation hub for our company, and we're evaluating other
locations. We want to stay in this region. This is an innovation hub for TE
Veteran tech analyst _Rob Enderly_
(http://www.bizjournals.com/sanjose/search/results?q=Rob%20Enderly) called Facebook's latest land grab "a hedge
against the future.
"When you're anticipating growth, you want to bet on that future," he
said. "I think at this point, for where Facebook is at, it's a logical
investment to make."
Received on Fri Jun 06 2014 - 16:58:48 PDT

[ Search ] [ By Date ] [ By Message ] [ By Subject ] [ By Author ]

Email communications sent to the City Council are public records. This site is an archive of emails received by the City Council at its city.council_at_(domainremoved)