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Uploaded: Friday, January 25, 2013, 10:15 AM
Menlo Park signs off on Facebook agreement
Plans for Gehry building move ahead
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by Sandy Brundage
Almanac Staff
After months of negotiation, Menlo Park and Facebook reached agreement on terms for the social media company's development of its Constitution Drive campus. The City Council voted 5-0 on Jan. 22 to approve a contract that includes $1.7 million distributed to the city over 10 years.
John Tenanes, Facebook's real estate director, outlined some of the non-financial benefits during his presentation to the council on Tuesday night. The company will replace a vacant, toxic site with an environmentally friendly building designed by world-renowned architect Frank Gehry, he said, providing a lasting boon to Menlo Park.
Mayor Peter Ohtaki thanked Facebook, commenting that it's "quite an honor to have a company that quite frankly on a daily basis touches 1 billion people."
See further details of the deal here.
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Posted by randy albin, a resident of another community, on Jan 25, 2013 at 10:52 am can anyone remember what things were like before these social networking sites were existing? there are all these rich and affluent all over the bay area now. there's plenty of office space in this current economy. might as well make use of the vacancies, right?
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Posted by renter, a resident of the Menlo Park: Central Menlo Park neighborhood, on Jan 25, 2013 at 5:40 pm Actually, the commercial office market is fairly tight.
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