This year has been a mixed bag of sorts for Facebook, particularly in financial terms. In the wake of the Cambridge Analytica scandal in March, the company made a remarkable recovery only four months later, with its shares hitting an all-time high. This also propelled the company's Co-founder Mark Zuckerburg ahead of Warren Buffett as the third richest person alive. However, a day later, the tech giant saw its stock lose $120 billion in value, marking the biggest one-day drop in stock value of all time.
Despite what looks to be an unstable ride in the past few months, Facebook seems to be determined to expand its footprint, if a new report from the Puget Sound Business Journal is to be believed. According to the report, the tech giant is planning a massive new facility in Redmond that will span over 650,000 square feet.
The project, dubbed 'Building X', includes plans for two potentially six-story tall buildings that will be connected with a skybridge. Including offices, labs, kitchens, and an event center, the new facility is being built for Facebook Reality Labs, the company's AR/VR-focused research group. Two existing buildings on Willows Road, Redmond will reportedly be replaced by the new ones. It should be noted, however, that although emails and public records obtained by the source indicate the existence of these plans, Facebook has not yet applied for building permits.
According to a project schedule sent to the city, the tech giant plans to begin the demolition of the existing buildings next year on May 21, and will then proceed with construction on June 17. The construction phase is set to continue until December 14, 2021, which is termed as the "first day of business" in the document.
Although on Monday, Facebook did confirm the existence of two Bellevue leases that were first discovered in August, spokesman Kyle Gerstenschlager noted that the company did not have "anything else to share about our facilities in the region at this time."