Facebook Inc (NASDAQ:FB) Proposes a Brand New Building to Move Into

Facebook Inc (NASDAQ:FB) shares may be plummeting but the company is planning a more roomy place in which to move into and swankier than where it is currently housed.

The new proposed building will be in Menlo Park and will be designed by renowned architect Frank Gehry, who has to his credit buildings such as the Guggenheim Museum in Bilbao, Spain, and the Walt Disney Concert Hall in Los Angeles.

The new building will cover an area of 420,000 square feet, which is roughly the area of eight football fields. Situated right opposite the existing building, on the other side of the highway, Facebook will be shifting all its engineers, designers and product executives to the new buildings.

The social networking site will submit plans for the building to local city authorities on Monday for approval. The cost of the project is being kept under wraps for the moment.

Executives can travel back and forth between the two buildings on a tram, which will run through a tunnel that will connect the two. The old building will still house other executives and support staff, according to Facebook.

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The new building will have an open architecture with few interior walls and a minimalist layout inside. There will be cafes, a restaurant outside and a rooftop garden.

"It will be almost an engineering paradise," Slater Tow, a Facebook spokesman, said.

Silicon Valley companies are quite used to the culture of building offices that is geared towards ensuring the comfort of employees and luring them to work there for longer hours.

Early this year, cloud computing firm Salesforce.com Inc., considered building an opulent, $2 billion campus designed by Mexican architect Ricardo Legoretta before opting to settle into more mundane office towers in a prime downtown San Francisco neighbourhood.

Apple has proposed erecting a gigantic, ring-like "spaceship" campus in Cupertino, California, to house 13,000 employees.

And Google Inc. has long resided in its "Googleplex" campus in Mountain View, California.