The company, which has more than 2,000 employees globally and more than 1,400 in the Bay Area, will retain its offices in Palo Alto through this year and possibly into 2012. However, employees will move into the new campus in waves, with the first group expected to move in June or July.

"That should give Facebook plenty of elbow room to expand into as they grow," said Dan Olds, an analyst with The Gabriel Consulting Group. "But I would be on the lookout for the 'Ghost of Hubris Past' that might be wandering around those buildings. Sun built that campus at the beginning of their glory years and it was their home during their long and painful fall. I'm not a superstitious guy, but I'd make sure that I burned some incense or something."

Facebook has been on quite a roll.

Last summer, the world's largest social networking site hit a major milestone - . And early last month, it was learned that $500 million from Goldman Sachs and a Russian investor, giving the company the financial muscle to possible take on rival and Internet powerhouse .

Sharon Gaudin covers the Internet and Web 2.0, emerging technologies, and desktop and laptop chips for Computerworld. Follow Sharon on Twitter at or subscribe to . Her e-mail address is .