Facebook gives epidemic benefits to REI’s huge Seattle area headquarters


Facebook inc (NASDAQ: FB) Amusement Equipment Inc. The 400,000-square-foot new campus is completed in Bellevue, Washington for $ 390 million, the two companies announced Monday.

What happened: The company, led by Mark Zuckerberg, purchased the premises located on six acres of land. With an undeveloped 2-acre portion of the property, REI said in a statement.

The outdoor gear retailer noted that it would shut down its own operations in multiple locations rather than being limited to one location, and would also increase reliance on remote work.

The property was never occupied by the REI due to the COVID-19 epidemic. The Wall Street Journal reported that the company gave cash to its employees to work from home or from small offices in the area.

Three other Facebook buildings are adjacent to the property and are under development.

Why it matters: Facebook employs 5,000 local workers in dozens of locations in Seattle, Belview and Redmond. Overall, the Seattle area is the social media company’s second largest hub after its headquarters in Meno Park, California, the Seattle Times noted earlier.

A Facebook spokesperson told the Seattle Times, “The company’s offices are still important to help accommodate the projected growth and meet the needs of our employees who like to work off campus.”

Last month, social media leased 1,000,000 square feet of office space Vornado Realty Trust (NASDAQ: VNO) in addition to the trust’s Hudson Yard property, the Penn District project in New York.

Amazon.com, Inc (Nasdaq: AMZN) last month expanded its office to six cities in the United States by adding 900,000 square feet.

Price Action: Facebook shares closed at $ 266.15, down 0.17% on Monday, and up 0.45% in the subsequent session.
Photo courtesy: Communist via Wikimedia

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.