Gilead Sciences Buys New Facility for $180 Million

' Foster City headquarters will soon get a whole lot bigger, thanks to a land sale just announced last week.

Electronics For Imaging (EFI), a customer-focused digital printing innovation company, whose headquarters are located on Velocity Way, just adjacent to Gilead's, recently announced they have agreed to sell their headquarters to Gilead for a whopping $180 million.

EFI says it plans to search out a new headquarters elsewhere in the Bay Area.

"The proceeds from this transaction will make EFI an even stronger company for our shareholders, customers and employees," EFI CEO Guy Gecht said in the announcement. "Our plan is to find a new facility in the Bay Area that will foster innovation and creativity, while minimizing the impact on our local employees' commutes."

The purchase is part of Gilead's plan to expand greatly over the next 10 years. The company plans to nearly double its employee count from the current 1,600 to 3,000, as well as nearly double its square footage from the current 629,154 to just over 1.2 million.

For hyperlocal business news like this wherever you go, follow us!

Follow Foster City Patch on Twitter | Like Foster City Patch on Facebook | Sign up for the Foster City Patch daily newsletter | Blog for Foster City Patch