Facebook buys unused headquarters

Facebook has bought unused headquarters from corporate retailer REI, even as most of its employees work from home.

Facebook recently purchased REI’s new Bellevue headquarters. The social media giant has bought these headquarters for a staggering $367.6 million, Facebook’s biggest engineering hub outside of Silicon Valley.

The deal between REI and Facebook

According to CNN, REI made a public announcement in August that it will sell its 40,000 square foot complex to Facebook, which is located in Bellevue, Washington.

CEO and President of REI, Eric Artz, stated that the events of 2020 had made them rethink and reevaluate every aspect and assumption of their business, which includes where and how to work.

Therefore, the ‘headquarters’ they had thought of having four years ago would be very different now. REI is a company that specializes in camping gear and other outdoor gear and clothing.

Facebook seemed interested in buying the property to expand its foothold in the Puget Sound Region and is planning to have 2,300 employees work there.

Executives from REI said that the sale represents a positive return on the co-op’s investment in the property. The company bought the property for $50 million in 2017.

Facebook is not the first company to invest in the Puget Sound region as Amazon announced earlier this month that it would be adding around 25,000 jobs as it a part of expanding to the Puget Sound cities.

With so many major businesses investing, the Seattle City Council announced a tax on these businesses that have an annual payroll of $7 million or more or earn more than $150,000 a year.

 

Most of the staff to work from home

The ongoing pandemic has made companies shift their employees from offices to work from home scenarios due to the workers’ health reasons and safety.

Facebook has also announced that most of its workers would not return to the office until July 2021. CEO Mark Zuckerberg also stated that he could see around half of Facebook’s employees working remotely in the next five to ten years.

Even with the pandemic raging worldwide, Facebook has been adding new employees all year and expanding its office spaces.

Facebook released a statement that the second quarter of 2020 has seen a record of 4,200 employees added to the workforce, totaling up to 52,000. And even with people working remotely within the next five to ten years, office spaces would always remain an integral part of their work culture.

Image courtesy of Sundry Photography/Shutterstock

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