Facebook is getting big, very big, and its current digs in Palo Alto may be a little too small for it. So Facebook is looking for a new home, and it may not be in Palo Alto, or even Santa Clara County for that matter. “We’re looking for a site that can accommodate our growth over the long term,” says the company’s Corporate Communications Director Larry Yu.
While that statement is rather vague, reports are circulating that the company has been checking out the 2.5-million-square-foot Oracle campus in Menlo Park. That city is remaining mum about the possibility, referring all inquiries about it back to Facebook. What is known, however, is that the current value of the property—about $355 million—is currently being reassessed. Even then, however, the property lies within the boundaries of the city’s Redevelopment Agency. In that case, Facebook’s taxes would go directly to that group and not to the Menlo Park’s city coffers.
Read More at Palo Alto Online.