Amazon Signs $432M 20-Year Lease For 250,000 SF Air Cargo Facility At Newark Liberty Airport

Amazon has entered into an agreement with the Port Authority of New York and New Jersey to redevelop two buildings at Newark Liberty International Airport in Newark, NJ. The agreement involves the creation of a new state-of-the-art 250,000 square foot air cargo facility. The facility is expected to employ over 1,000 people and will be used for Amazon's logistics operations. The redevelopment project includes a building rehabilitation that is set to begin this year and be completed by early 2023. Amazon will also invest approximately $125 million into the facility.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $432,000,000
• Square Footage: 250,000 SF
• Term: 20 years
• Address: Newark Liberty International Airport, Newark, NJ
• Market: Newark, NJ

The landlord in this transaction is the Port Authority of New York and New Jersey, while Amazon serves as the tenant for the air cargo facility. As part of the agreement, the Port Authority will receive $150 million upfront in building rent, as well as an additional $157 million in land rent over the course of two decades. This deal not only benefits Amazon and the Port Authority, but also contributes to the economic growth of the area by creating employment opportunities and improving logistical capabilities in Newark.