Benzinga | Dec 2, 2021 07:16AM EST

Facebook Joins Alphabet In Leasing New Offices

* Meta Platforms (NASDAQ:FB) aims to occupy the 719,000 square-foot (67,000 square-meters) site of the former headquarters of NetApp Inc (NASDAQ:NTAP) in Sunnyvale, California, Bloomberg reports.

* Meta also signed a lease near Burlingame, bringing the total new space to over 1 million square feet.

* Meta leased the spaces in Sunnyvale and Burlingame to reduce employee commute times and support public transit.

* Employees are still allowed to work remotely. Meta sees them spend about half their time in offices starting 2022 unless they receive permission for another arrangement.

* New York-based Tishman Speyer bought the Sunnyvale property in April for $365 million.

* The deal with Meta is the largest private-sector U.S. office lease signed in 2021.

* Since the pandemic outbreak, Tishman Speyer has invested $16 billion in real estate, about half of that in office buildings in markets like San Francisco, Austin, Boston, and Seattle.

* Related Content: Alphabet Eyes Manhattan Building For $2.1B Amid Hybrid Work Trend

* Price Action: FB shares traded higher by 0.67% at $312.68 in the premarket session on the last check Thursday.