Facebook buys 21-building campus in Silicon Valley

Facebook Inc bought a 21-building campus in Menlo Park, California, as the social-network company expands in its headquarters city.

Prologis Inc was the seller of the 56-acre (23-hectare) industrial park at Willow Road between Highway 101 and the Dumbarton Bridge, the San Francisco-based real estate investment trust said in a statement Friday. Terms were not disclosed.

Prologis, the largest industrial REIT, has owned and managed the Menlo Science & Technology Park since 1998. Property values in Silicon Valley and nearby San Francisco are climbing as technology companies in the region grow.

"Land constraints and increased urbanisation pressures in markets such as Silicon Valley support the monetisation of select in-fill assets," Michael Curless, chief investment officer at Prologis, said in the statement.

The company will continue to manage the property, according to the statement.

For Facebook, the purchase "is an investment in our future and the future of Menlo Park," Genevieve Grdina, a company spokeswoman, said in an e-mailed statement.