Tesla Inc TSLA has completed an additional 325,000 square feet office expansion in Palo Alto, California, the electric vehicle maker’s hometown, real estate website The Registry reported on Monday, citing sources.
What Happened: Tesla is leasing the additional space from Hewlett Packard Inc HP in a building that was once the global headquarters for the tech giant.
The nearly ten-year lease would occupy about half of the remaining HP campus. The location of the new site is just minutes away from the electric maker’s current headquarter in Palo Alto, as per the report.
The office has, besides other features, an on-site cafeteria and coffee bars. It also has a conference center as well as outdoor seating areas.
Why It Matters: Tesla CEO Elon Musk had last week announced at the company’s annual shareholder meet that the electric vehicle maker is moving its headquarters to Texas. Musk had told investors that Tesla would continue to ramp up expansion in California, its headquarters for nearly 20-years.
The electric automaker's office expansion plans come close on the heels of its blockbuster quarterly deliveries.
Price Action: HP shares closed 0.75% lower at $27.68 a share on Monday.
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Photo: Courtesy of Tesla
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