Facebook has purchased the Menlo Science & Technology Park, a 56-acre industrial park directly south of its Menlo Park headquarters, from Prologis for an estimated $400 million. The 21-building campus gives Facebook plenty of elbow room even as it prepares to expand within weeks into a new Frank Gehry-designed building across the street from its existing offices, according to a Silicon Valley Business Journal article. Prologis Inc., which has owned and managed the property since 1998, said it would continue to manage the complex on Facebook's behalf. The park has numerous tenants, but perhaps its highest profile is Pacific Biosciences, which is at 1380 Willow Road.
"We feel you just can't build a corporate campus, it has to be integrated into the community," Facebook real estate chief John Tenanes said in an exclusive interview this week. "Facebook will continue to grow over time, and there's a limited supply of land... This is really looking at our future."
"Land constraints and increased urbanization pressures in markets such as Silicon Valley support the monetization of select in-fill assets," Michael Curless, chief investment officer at Prologis, said in the statement.
For Facebook, the purchase "is an investment in our future and the future of Menlo Park," Genevieve Grdina, a company spokeswoman, said in an e-mailed statement. "Being a good neighbor is extremely important to us, and we look forward to continuing our dialogue with city and community leaders on local priorities in the months and years to come."
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