Facebook Inc. will start moving employees from Palo Alto to new headquarters in Menlo Park this summer, bringing new life to the once-bustling Sun Microsystems campus, the company announced Tuesday.
The social-networking powerhouse, which lately has been on a hiring spree, signed a 15-year lease for the 57-acre, nine-building campus at Willow Road and Bayfront Expressway, with an option to buy after five years.
The company also confirmed it purchased a 22-acre tract formerly used by General Motors on the other side of Bayfront Expressway for future use. Employees will use a tunnel under the busy roadway.
RREEF LLC, Deutsche Bank AG's real estate investment management firm, confirmed it purchased the 18-year-old business campus from Oracle America Inc. on behalf of an undisclosed institutional client, but declined to reveal financial terms. Published reports and industry sources have said RREEF represented the Wisconsin State Investment Board in a deal worth about $100 million.
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