Google is renting 1,000 acres of Moffett Federal Airfield for space exploration, aviation and robotics projects.
NASA says a subsidiary of the giant Internet company, Planetary Ventures, will pay $1.16 billion in rent over 60 years for the property, part of the former U.S. Navy air base in Santa Clara County that's also the home of NASA's Ames Research Center.
Google will manage the property, a local landmark, which includes a working airfield, private golf course and a massive hangar that was built to house dirigible-style Navy airships in the 1930s. Google plans to refurbish three hangars on the property.
Planetary Ventures plans to invest more than $200 million on improvements to the property, according to the lease signed Monday, the Mountain View Voice reports.
NASA says the deal, first announced in February, will save it $6.3 million in annual maintenance and operation costs.
NASA officials said Planetary Ventures will assume operation of the site following the finalization of a joint plan between NASA and state and federal agencies, the website reported.