Facebook buys an unused headquarters, even more employees work remotely

REI announced in August that it had decided to sell the 400,000-square-foot campus in Bellevue, Washington, it planned to move into this summer. It revealed on Monday that it had reached a deal to sell the property for $ 390 million. Facebook (American Plan) The building and most of the land is purchasing for $ 367.6 million, while the site developer is purchasing the undeveloped 2-acre portion of the property for the remainder of the property.

But Facebook has been adding employees and office space with them throughout the year.

“To address our rapidly growing workforce, we continue to invest in physical office locations,” a Facebook statement said. “In the second quarter of 2020, we added a record 4,200 net new employees and now have more than 52,000 employees. While Facebook has stated that 50% of its employees will work remotely over the next 5–10 years, our offices still are vitally important to our culture and will help to accommodate anticipated growth and to meet the needs of our employees who want or prefer to work off campus. “

Facebook, which is located in Menlo Park, California, already has three other buildings in the same business district as the REI site.

“An internal employee surveyed the Field Company in May showed that about 65% of Facebook employees were eager to return to office as soon as possible,” Facebook said.

But some other tech companies are pulling back on office space plans despite their own development. two weeks ago Pinterest (Pins) It announced that it had terminated its lease for an office of approximately 490,000 square feet near its current headquarters in San Francisco.

“As we analyze how our workplace will change in the later world of Kovid, we are particularly rethinking where future employees may be based,” Pintrest CFO Todd, in a statement provided to CNN Business Morganfield said. “A more distributed workforce will give us the opportunity to employ people from a wide range of backgrounds and experiences.”

Working from home is not for everyone

REI, which specializes in camping and other outdoor gear and clothing, is a co-op owned by its customers. It has 167 stores in 39 states. While it does not report quarterly results, most brick-and-mortar retailers reported a sharp drop in sales earlier this year due to store closures associated with the Kovid-19 epidemic. REI also shifted its headquarters staff to remote work due to health concerns.

The company said that it has now decided that its headquarters are located in several locations in the Puget Sound area. The REI will also have headquarters staff working remotely as its general model is moving forward.

In August, CEO Eric Artz said, “We’ve come to know that we previously thought that a more distributed way of working would unlock incredible potential.” “This will have an immediate, positive impact on our ability to attract and retain our diverse and highly skilled workforce, as we continue to navigate the effects of the Kovid-19 epidemic and beyond.”

REI had been planning the new headquarters for four years and was under construction for the last two years.

According to the REI statement, “the sale represents a positive return on the co-op’s investment in the property.”