(Bloomberg) — Facebook is expanding with a massive new office lease in Silicon Valley.
The social networking company, now known as Meta Platforms Inc., will occupy the 719,000 square-foot (67,000 square-meter) site of the former headquarters of NetApp Inc. in Sunnyvale, California.
New York-based Tishman Speyer bought the property in April for $365 million. The deal with Meta is the largest private sector U.S. office lease signed this year, the real estate firm said in a statement.
The deal comes as many employers reassess their office needs nearly two years after the Covid-19 pandemic spurred remote work. Technology companies, however, have continued to add space as they look to accommodate future growth.
“We were always convinced that the tech sector would maintain a strong appetite for high-quality collaborative spaces and are excited Sunnyvale will house one of the world’s leading companies,” Rob Speyer, chief executive officer of Tishman Speyer, said in the statement.
A representative for Menlo Park-based Meta didn’t have an immediate comment.
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
