Moffett Federal Airfield, home to the gigantic, eight-acre Hangar One, is now under new management.
Google-owned Planetary Ventures, LLC signed a $1.16 billion lease for the airfield. The company plans to restore the historic structure and save NASA about “$6.3 million annually in maintenance and operation costs.” NASA will accrue the $1.16 billion over the length of the 60-year lease.
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According to NASA Administrator Charles Bolden, as the agency focuses its attention and equipment on space, it’s “making strides to reduce [its] footprint here on Earth.”
While NASA will maintain ownership of the facility, Google will use the space for “research, development, assembly and testing in the areas of space exploration, aviation, rover/robotics and other emerging technologies,” according to the press release.
And aside from taking on some very NASA-like tasks, there’s another reason for the deal: location. Hangar One is a mere three-mile drive from Google's headquarters.
Fortune points out Google had already planned to build an office complex “on 42 acres at Moffett Field.” Now, the company is leasing the whole thing.
Google will also create an educational facility for visitors to “explore the site's legacy and the role of technology in the history of Silicon Valley.”