Fb buys an unused headquarters at the same time as extra workers work remotely

What some companies are doing to establish WFH balance


REI introduced in August it had determined to promote the 400,000-square foot campus complicated in Bellevue, Washington, that it had deliberate to maneuver into this summer time. It disclosed Monday that it had reached a deal to promote the property for $390 million. Fb (FB) is shopping for the buildings and a lot of the land for $367.6 million, whereas the positioning developer is buying an undeveloped 2-acre portion of the property for the remainder of the gross sales worth.

However Fb has been including employees all through this 12 months and including workplace house together with them.

“As a way to deal with our quickly rising workforce, we proceed to make investments in bodily workplace places,” mentioned an announcement from Fb. “Within the second quarter of 2020, we added a report 4,200 web new workers and now have greater than 52,000 workers. Whereas Fb envisions 50% of its workers might be working remotely throughout the subsequent 5-10 years, our places of work are nonetheless vitally vital to our tradition and can assist accommodate anticipated progress and meet the wants of our workers that want or want to work from campus.”

Fb, which is predicated in Menlo Park, California, already had three different buildings beneath growth in the identical enterprise district because the REI web site.

“An inside worker survey the corporate fielded in Might confirmed that roughly 65% of Fb workers have been desirous to return to the workplace as quickly as potential,” Fb mentioned.

However another tech firms are pulling again on workplace house plans, regardless of their very own progress. Two weeks in the past Pinterest (PINS) introduced it had terminated its lease for about 490,000 sq. toes of workplace house to be constructed close to its present headquarters in San Francisco.

“As we analyze how our office will change in a post-Covid world, we’re particularly rethinking the place future workers may very well be primarily based,” mentioned Pinterest CFO Todd Morgenfeld in an announcement supplied to CNN Enterprise. “A extra distributed workforce will give us the chance to rent folks from a wider vary of backgrounds and experiences.”

Working from home isn't for everyone

REI, which focuses on tenting and different out of doors gear and clothes, is a co-op that’s owned by its clients. It has 167 shops in 39 states. Whereas it doesn’t report quarterly outcomes, most brick-and-mortar retailers reported a pointy drop in gross sales earlier this 12 months because of retailer closings related to the Covid-19 pandemic. REI additionally shifted its headquarters workers to distant working because of well being considerations.

The corporate mentioned it has determined to now have its headquarters span a number of places throughout the Puget Sound area. REI may even have headquarters workers working remotely as its regular mannequin going ahead.

“We realized that the extra distributed means of working we beforehand thought untenable will as a substitute unlock unbelievable potential,” mentioned CEO Eric Artz in August. “This can have quick, constructive impacts on our skill to draw and retain a various and extremely expert workforce, as we proceed to navigate the impacts of the Covid-19 pandemic and past.”

REI had been planning for the brand new headquarters for 4 years and it had been beneath building for the previous two.

“The sale represents a constructive return on the co-op’s funding within the property,” in keeping with REI’s assertion.


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