Facebook Inc. (FB), the world’s biggest social network, bought land next to its headquarters expansion site in California’s Silicon Valley with plans to hold it as a real estate investment.
The Menlo Park, California-based company purchased about 59 acres (24 hectares) adjacent to a 1 million-square-foot (92,900-square-meter) complex designed by architect Frank Gehry that’s set to open next year, Genevieve Grdina, a Facebook spokeswoman, said in a telephone interview.
Grdina declined to disclose the price for the land, which was sold by TE Connectivity Ltd. (TEL) The Schaffhausen, Switzerland-based company, which makes products such as USB cables and electronic connectors, will lease back 10 buildings located on the parcel, Grdina said.
The acquisition is “an investment in our future,” and Facebook doesn’t have plans to develop the property, she said.
Jane Crawford, a spokeswoman for TE Connectivity, didn’t immediately return calls and an e-mail seeking comment.
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