Tesla (TSLA) takes over HP’s campus in California despite moving HQ out of state

While Tesla is moving its headquarters out of California, CEO Elon Musk made it clear that the automaker would still grow in the state.

He wasn’t lying, since Tesla is now taking over a large part of HP’s campus in Palo Alto.

Last week, Musk announced that Tesla is officially moving its headquarters to Texas.

It was confirmed after a year of rumors following the CEO’s complaints about California early in the pandemic, and later, his own move to Texas.

However, when making the announcement, Musk made a point of saying that Tesla would continue to grow in California:

We are continuing to expand our presence in California, we are not leaving California, but we are hitting the sides of the bowl.

He referenced things like Tesla growing Fremont factory output by 50% and the new Megafactory they are building in Northern California.

Now we learn of another expansion of Tesla’s operations in California.

The Registry SF, a publication about Bay Area real estate, reports that Tesla is taking over a big part of HP’s campus in Palo Alto:

The company has just completed an office expansion in its hometown for additional 325,000 square feet, according to sources with knowledge of the leasing market in Palo Alto. The electric vehicle and energy company will be leasing the space at 1501 Page Mill Road from Hewlett Packard, in a building that once served as the global headquarters for the technology giant.

The location is within the Stanford Research Park, just a few minutes away from the automaker’s existing offices, where its headquarters are currently located.

The lease is believed to be for a 10-year period, and Tesla is taking over roughly half of HP’s campus.

According to JLL’s Silicon Valley Q3 2021 office statistics, Tesla’s new 325,000-square-foot office space represents roughly 10% of the entire market available in Palo Alto.

So Musk wasn’t kidding when he said that they are hitting the sides of the bowl.