Facebook Talks Future of 56-Acre Prologis Buy
In Q1 Facebook purchased a 21-building, 56-acre industrial park next to its growing Menlo Park HQ from Prologis. And yesterday at Hotel Nikko for Bisnow's first-ever Mixed-Use Summit, the social media giant gave a rare peek into expansion plans.
Prologis had owned and managed the property, named Menlo Science & Technology Park, since 1998. Facebook director Fergus O'Shea says the site gives Facebook an opportunity to alleviate the nearby housing shortage and create a live/work/play environment. He said the company is going for a mixed-use concept, with commercial, housing and retail.
Fergus says the point is also to blend the future campus with the surrounding community and insert needed retail options for folks living in East Palo Alto. In the mean time, there's an incentive program in place to encourage employees to live in a five- to 10-mile radius from campus (it doesn't include rent subsidies, but rather relocation packages). The incentive program is mostly targeting employees outside of the Bay Area; it's challenging to hire out of state, Fergus says, because of the difference in income and property prices. The point is to make the commute as easy and productive as possible. Above, its newly expanded HQ that opened in the spring.
Facebook has launched a housing office with one person dedicated to providing information to employees about where apartments buildings are popping up and creating connections with developers in Mountain View and Redwood City. Facebook has been busy at work on development plans. Here's a look at its building at 300 Constitution Dr (Building 23) in Menlo Park. It's a big reno of an existing building at the west end of the former Tyco property acquired by Facebook last year. The new look will include a raised roof and open floor plan designed by Frank Gehry.