Facebook to Build Luxury Apartments for Staff Next to Californian HQ
Facebook is planning to build a luxury housing development next to its headquarters in California so that staff never have to leave campus.
Fri, October 04, 2013
Techworld — Facebook is planning to build a luxury housing development next to its headquarters in California so that staff never have to leave campus.
The social networking goliath said this week that it plans to spend $120 million (APS70 million) creating a 394-unit housing complex next to its Menlo Park office, according to the Wall Street Journal.
The 630,000 square foot estate known as Anton Menlo and just a few steps away from Facebook's main office is said to include a swimming pool, spa and sports pub, as well as a dog care centre, bike repair shop and three themed roof decks.
The news comes after several Facebook employees reportedly enquired about accommodation near Menlo Park due to a housing shortage in the area, where property prices rose 24 percent in the fourth quarter of last year according to real-estate experts, DataQuick.
Staff will be able to rent to the apartments at market rates but those on small incomes will be able to tap into a support pot of funding. The development is said to be able to house approximately 10 percent of Facebook's employees.
"The beauty of this thing is that it's extremely close to our campus," said John Tenanes, Facebook's director of real estate who is involved in the project, according to the Wall Street Journal.
"It's a five-minute bike ride" along a dedicated path that runs along the San Francisco bay, he said. "You don't even have to put on the brakes."
Facebook moved its office to Sun Microsystem's former campus in December 2011. Employees working on the 56-acre campus, scattered with sculptures, patches of grass and benches, are rewarded with free coffees and ice cream through the day.
But the housing development isn't the only new property that Facebook has its eyes on. Last month it was reported that the company is looking to beef up its presence in London with a new 85,000 square foot office in King's Cross to supplement its Covent Garden office.
Google is also in the process of building an 80,000 square foot office in the King's Cross area od London with a swimming pool and a running track on the roof.