Facebook Joins Alphabet In Leasing New Offices

Meta Platforms FB aims to occupy the 719,000 square-foot (67,000 square-meters) site of the former headquarters of NetApp Inc NTAP in Sunnyvale, California, Bloomberg reports.
Meta also signed a lease near Burlingame, bringing the total new space to over 1 million square feet.
Meta leased the spaces in Sunnyvale and Burlingame to reduce employee commute times and support public transit.
Employees are still allowed to work remotely. Meta sees them spend about half their time in offices starting 2022 unless they receive permission for another arrangement.
New York-based Tishman Speyer bought the Sunnyvale property in April for $365 million.
The deal with Meta is the largest private-sector U.S. office lease signed in 2021.
Since the pandemic outbreak, Tishman Speyer has invested $16 billion in real estate, about half of that in office buildings in markets like San Francisco, Austin, Boston, and Seattle.
Related Content: Alphabet Eyes Manhattan Building For $2.1B Amid Hybrid Work Trend
Price Action: FB shares traded higher by 0.67% at $312.68 in the premarket session on the last check Thursday.