China-based job board and HR resource services provider 51job Inc. (NSDQ: JOBS) announced today that it has entered into an agreement to purchase an office building in Shanghai, which will serve as its new corporate headquarters.

The building is part of the Crystal Plaza complex, which is located in the Qiantan area of Pudong District. The building will accommodate the company’s continued growth and business expansion.  

The purchase price is estimated to be RMB 2.07 billion (USD 415.5 million), which will be funded by the company’s existing cash resources and debt financing. The company anticipates moving into the new premises in 2022.

51job Inc. recently announced that it has entered into a definitive agreement and plan of merger with Garnet Faith Limited to be taken private in a deal valued at approximately USD 5.7 billion.