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Zynga's Headquarters Is Worth More Than The Actual Company

Shortly after it first went public, Zynga hit a market cap of $9 billion. Since then, the company which had such one time hits as Farmville and Words with Friends has seen its valuation crater, with its public stock now valued at roughly $2 billion. However, excluding the company's $1.5 billion in cash implies that its underlying operations are valued at about half a billion dollars. Which is ironic because that is less than the value of the San Francisco-company's based headquarters.

According to SFGate, "Zynga now faces the same kind of problem that many SF homeowners face: its house is worth more than the company." Perhaps that is why the company announced in February that it was putting its 668,000-square-foot, seven-story...