November 16, 2009
The billion dollar, 75-acre academic super campus envisioned for Moffett Field has moved one step closer to becoming reality as developers TMG Partners and Related have been named as the master developers.
Originally construction was anticipated to begin in 2012, with initial occupancy to take place in 2014. The ground lease for the project was signed back in March o 2009.
Google also has signed a ground lease at NASA for approximately 40 acres, at a value of $3.6M per year. The announcement video for the project is viewable here.
The original lease between NASA and University Associates LLC defined the project’s entitlements as containing…
…a maximum of not more than two million nine hundred fifty-two thousand (2,952,000) Square Feet of Improvements, of which: (i) approximately five hundred thousand (500,000) to six hundred fifty thousand (650,000) is allocated for education or research and development facilities which are owned or controlled by an institution of higher learning; (ii) approximately one hundred fifty thousand (150,000) to three hundred thousand (300,000) is allocated for office or research and development facilities; (iii) not more than two hundred fifty thousand (250,000) is allocated for conference facilities (including lodging); (iv) approximately one million eight hundred forty-three thousand (1,843,000) is allocated for residential housing facilities (containing not less than one thousand nine hundred thirty (1,930) housing units sufficient to house four thousand nine hundred nine (4,909) residents, and which may include a reasonable amount of dormitory units), subject to adjustment as provided below; and (v) approximately forty thousand (40,000) to one hundred thousand (100,000) is allocated for retail space. Notwithstanding the foregoing allocations, Tenant understands that it shall not develop more than an aggregate of two million nine hundred fifty-two thousand (2,952,000) Square Feet of Improvements for the Entitled Uses.
The full lease is embedded below:
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