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Zynga sells headquarters for $600 million to help finance acquisitions

Social and mobile game developer Zynga has sold its San Francisco headquarters for $600 million, and intends to use some of the cash to finance further acquisitions.

Social and mobile game developer Zynga has sold its San Francisco headquarters for $600 million, and intends to use some of the cash to finance further acquisitions. 

The FarmVille and Words with Friends maker sold the building to Beacon Capital Partners, and plans to lease it back immediately to save uprooting its employees.

As reported by VentureBeat, the company bought the office block for $234 million back in 2012, meaning it's made a tidy profit from the sale. 

"We are building up our reserves," commented company CEO, Frank Gibeau. "It's a nice gain for our shareholders and we’ll put it into cash, minus the transfer costs. The goal is to grow as we’ve done with Gram, Small Giant, and Peak."

"We’ll invest in running the business, acquisitions, and our current buyback program. We will make sure we do the right thing."

Last year, the company made some notable purchases, buying Merge Dragons! developer Gram Games for $250 million, and Empires and Puzzles creator Small Giant Games for $560 million.

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