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Prologis All Smiles After Facebook Buy

Facebook has purchased a 21-building, 56-acre industrial park next to its growing HQ. Here's ProLogis CEO Hamid Moghadam (right), cracking up at Green Street Advisors' Mike Kirby's joke at a past Bisnow event. Prologis has owned and managed the property, named Menlo Science & Technology Park, since 1998. Prologis SVP Mark Hansen says the company has spent the past several years planning for the modernization of this site. Prologis will provide ongoing management services on behalf of Facebook. The Iranian-born Hamid has been with industrial king ProLogis for more than 30 years and was listed as the No. 5 richest CEO in real estate last year, pulling in $15.2M in 2013.