Google Inc. (GOOG) has announced its decision to lease the Moffet Federal Airfield and Hangar One from National Aeronautics and Space Administration (NASA). The purchase is a part of its plan to achieve worldwide dominance.
Reportedly, Google’s real-estate subdivision Planetary Ventures LLC will be in charge of revamping Hangar One at Moffett Field and gain control of the two runways at the airfield.
As per the agreement, Google has decided to restore the three hangars, including Hangar One, and take over maintenance of other buildings on the airfield. It also plans to create an educational and public use facility and maintain the Moffett Field itself.
The Moffett Field is a joint civil-military airport located between northern Mountain View and northern Sunnyvale, CA. The most famous and visible sites on the field are Hangars One, Two and Three, which dwarf the surrounding buildings.
Hangar One, built in 1932, is one of the world’s largest self-supporting structures covering 8 acres. It is one of the most noticeable landmarks in California’s Silicon Valley. NASA’s Ames Research Center purchased the Airfield and Hangar One in 1994. Just a few years ago, the Navy peeled off the structures that were leaking the poisonous chemicals leaving its skeleton vacant in the airfield.
In 2012, Google offered to renovate the structure in exchange of using it to house eight of the company’s private jets. But NASA turned down the proposal at the time.
With this deal, NASA has thus secured the Hangar’s future.
Google, the world’s largest online search engine, is increasingly extending its foothold into new markets and currently holds a Zacks Rank #3 (Hold).
Akamai Technologies, Inc. (AKAM), Interxion Holding NV (INXN) and Baidu, Inc. (BIDU), all carrying a Zacks Rank #1 (Strong Buy), are better-ranked stocks from the same sector and therefore worth considering.