In February 2006, Microsoft announced that it intended to expand its Redmond campus by 1,100,000 square feet (100,000 m2) at a cost of $1 billion and said that this would create space for between 7,000 and 15,000 new employees over the following three years. In January 2006, Microsoft announced the purchase of Safeco's Redmond campus after the company had begun consolidating its offices at the Safeco Tower in Seattle's University District a year earlier. The first major expansion of the campus came in 1992, bringing the total amount of office space to 1.7 million square feet (160,000 m2) on 260 acres (110 ha) of land. The campus was originally leased to Microsoft from the Teachers Insurance and Annuity Association, a pension fund manager, until it was bought back in 1992. The initial campus was on a 30-acre (12 ha) lot with six buildings, and was able to accommodate 800 employees but eventually grew to 1,400 by 1988.
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