The move will see the social network’s current employees move from their current location at Hanover Quay to a NAMA-managed building in Grand Canal Square.

The EMEA headquarters employs about 500 staff but the new office can facilitate up to 1,000 people.

Currently, there are 69 vacant positions being advertised by Facebook in Dublin.

On her personal page, Head of Facebook Ireland, Sonia Anne Flynn, said that she hopes the new space “down the road” will facilitate “hundreds more talented people to come join us”.

The company has employed the services of architect Frank Gehry to work on the new offices.

The move has been welcomed by government Minister Richard Bruton and IDA Ireland, which worked closely with NAMA to find a suitable property in the capital.

According to CEO Brendan McDonagh, NAMA’s investment will generate substantial employment during the construction and fit-out phase.

“NAMA is pleased to have facilitated this transaction by advancing funding to complete the building and working closely with the IDA to meet Facebook’s requirements,” he added.

IDA chief Barry O’Leary noted that the Dublin office is now the company largest operation outside the group’s HQ in California.