The Port Authority Board of Commissioners has authorized the executive director to enter into a 20-year lease with Amazon Global Air to redevelop and expand air cargo facilities at Newark Liberty International Airport in New Jersey.
Amazon is expected to transform two existing structures, Buildings 339 and 340, into a new state-of-the-art air cargo campus with a targeted investment of $125 million for renovation. No Port Authority capital funding will be required in support of this transaction.
The lease, which remains subject to final negotiation and is expected to take effect later this year, will provide the Port Authority a lump-sum up-front payment of $150 million and another $157 million in additional rent over the life of the 20-year agreement, which covers about 250,000 square feet of cargo space on 23 acres at Newark Liberty.
The facility’s transformation will dramatically upgrade Newark Liberty’s air cargo throughput and service capabilities overal
