In a deal touted as one of the Peninsula’s largest ever leases, Facebook finalized terms to rent the entire Burlingame Point project which is currently under construction east of Highway 101.
Facebook is expected to headquarter its virtual reality company Oculus at the 18-acre site where 803,000 square feet of commercial space is being constructed at the former Burlingame drive-in cinema location.
Construction on the massive project abutting the Bayfront is well underway, with an expected completion date of 2020, according to a press release from real estate company Cushman Wakefield.
“We couldn’t be more excited that one of the world’s leading technology firms has selected Burlingame Point to expand their Northern California footprint. This is a testament that strong design elements do make a difference to the discerning tenant,” Cushman Wakefield representative Mike Moran said in a prepared statement. Another company representative suggested the leasing deal is among the largest ever along the Peninsula.
Beyond construction of the campus, the project is slated to include improvements to the nearby Bay Trail, a pedestrian promenade, transportation fixes and other work.