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Which is the team and which is the place? Those are both place names to me.

Building 8 is the group.

> (Zuck) announced the formation of a mysterious research-and-development group known as "Building 8."

My thoughts as well. I'd guess Building 8 since that is probably based on Hateful 8? So basically the 8 that build stuff (building used as a verb).

Pure speculation though.