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2/10/15
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Social media giant Facebook Inc has acquired a 21-building, 56-acre biz park in Menlo Park from Prologis, the global industrial REIT. The property, Menlo Science & Technology Park, is located on Willow Rd between Hwy 101 and the Dumbarton Bridge.
The price was not given out, although the Silicon Valley Business Journal did share an industry estimate of around $400 mil for the purchase. Prologis has owned and managed the property since 1998.
Facebook has indicated said there are no immediate plans to redevelop the land, which will be managed by Prologis. However, the property is situated just south of the firm’s current headquarters, and provides a hedge against increasing land acquisition costs down the road. The campus is currently home to a number of industrial and biotech companies.
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