Facebook has confirmed it is expanding its investment in Ireland by acquiring a long-term lease of 14 acres for a campus development in Ballsbridge in Dublin.
The premises, known as the Bank Centre, is currently occupied by AIB. The move will see Facebook quadruple its current floorspace to 870,000 square foot across a number of buildings, with capacity for an additional 5,000 employees.
The new campus will play host to the 60 teams it has in Ireland across engineering, safety, legal, policy, marketing and sales.
While Facebook's move to Ballsbridge has been the subject of complex negotiations for over a year, in September the Herald learned that terms had been agreed between the various parties.
Developer Johnny Ronan is expected to kick-start the development of the site shortly.
By the end of 2018, there will be more than 4,000 people working for Facebook in Ireland, across its four locations in Grand Canal Square, Samuel Beckett Building in Dublin 3, Clonee Data Centre in Co Meath and Facebook Reality Labs in Co Cork.
Gareth Lambe, head of Facebook Ireland, said: "Ireland is one of the best places in the world to be a technology company and we're investing here for the long term.
"This significant investment demonstrates our commitment to Ireland, our desire to grow our business here and continue to contribute to the economy.
"We're very excited about the campus project which will provide our employees and partners a state-of-the-art, modern work environment with lots of collaborative spaces, training spaces and an outdoor plaza with seating areas.
"As the site will be renovated in phases, the move will happen over three years and will see all 2,000 employees currently based in Grand Canal in the new campus by 2022."
AIB has been preparing for the redevelopment of its Bank Centre headquarters for some time.
The State-owned bank has already secured new office accommodation for its corporate headquarters at No 10 Molesworth Street, and for its employees at locations around the capital including Heuston South Quarter (HSQ) in Kilmainham and Central Park in Leopardstown.
Chief executive of IDA Ireland Martin Shanahan said today's announcement further deepens Facebook's commitment to Ireland.