AMAZON GLOBAL AIR LEASE TO BOLSTER EWR CARGO CAMPUS REDEVELOPMENT

The Board of Commissioners with the Port Authority of New York and New Jersey announced authorization for the Executive Director to enter a 20-year lease with Amazon Global Air. The lease will focus on the expansion and redevelopment of air cargo facilities at Newark Liberty International Airport (EWR). An investment of $125 million is expected to be spent without capital funding from the Port Authority on the transformation of existing structures into modernized air cargo campus buildings.

While still subject to final negotiation, the lease will dedicate an upfront payment of $150 million along with an additional $157 million in further rent to the Port Authority throughout the 20-year term. The lease activity encompasses an estimated 250,000-square-feet of cargo space spanning 23 acres at EWR. The enhancements to the air cargo campus will provide vital upgrades to support e-commerce related cargo activity and is expected to help create more than 1,000 jobs at the airport. Newark Liberty is currently undergoing airport-wide redevelopment and anticipates the relationship with Amazon Global Air will enable the airport to retain their competitive position in the air cargo sector.