Microsoft announced that it will rebuild its iconic Redmond campus in a project that will take between five and seven years to conclude and will make room for 8,000 new employees.

"At a time when space is at a premium and many companies are looking for room to grow, we recognize that our 500-acre campus in Redmond, Washington, is a unique asset," Brad Smith, the president of Microsoft, said on the company's blog on Tuesday evening.

The project will add 18 new buildings, 6.7 million square feet of renovated workspace and $150 million in transportation infrastructure improvements, public spaces, sports fields and green space.