updated - October 24, 2020 Saturday EDT
Google has signed a 60-year lease on a former Navy dirigible hangar smack located in the middle of Silicon Valley owned by NASA.
The Web search giant will have to shell out $1.6 billion in rent to the federal government to make use of the Hangar One, part of Moffett Federal Airfiled (MFA) and a 350,000 square foot structure in the middle of Silicon Valley which includes three aircraft hangars, an airfield operations building, two runways and a private golf course.
Google first announced the acquisition back in February 10, and now, the deal was finalized on Monday, Nov. 10.
Planetary Ventures LLC, Google's subsidiary signed a lease with National Aeronautics and Space Administration (NASA) to manage and rehabilitate the historic Hangar One, built by the Navy at Moffett Field back in 1932 for the USS Macon and served as the West Coast base for the U.S. lighter-than-air aviation program.
Planetary Ventures said that it will invest over $200 million in capital improvements to rehabilitate the property and adding an educational facility where guests can explore the site's legacy and understand the role of technology in the history of Silicon Valley.
Furthermore, Planetary Ventures stated that Hangar One will be used for development and research of new technologies related to "space and aviation, assembly and testing in the areas of space exploration, aviation, rover/robotics and other emerging technologies," according to NASA.
"As NASA expands its presence in space, we are making strides to reduce our footprint here on Earth," said NASA Administrator Charles Bolden.
"We want to invest taxpayer resources in scientific discovery, technology development and space exploration - not in maintaining infrastructure we no longer need. Moffett Field plays an important role in the Bay Area and is poised to continue to do so through this lease arrangement," he said.
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