FedEx Corp. has recently extended its lease for a full-building industrial space at 100 Enterprise Drive in Newburgh, New York. The 125,000-square-foot building, located approximately 70 miles north of New York City, was custom-built to accommodate FedEx’s air cargo operations at Stewart International Airport. The lease negotiations were facilitated by Tom Consiglio and Todd Hali of Resource Realty of Northern New Jersey, on behalf of the landlord, CenterPoint Properties, a Chicago-based company. FedEx was represented by its own team.

Renewal of 125,000-Square-Foot Lease

FedEx Corp. , a leading global provider of delivery and logistics services, has recently renewed its lease for a 125,000-square-foot industrial space at 100 Enterprise Drive in Newburgh, New York. The freestanding building, located approximately 70 miles north of New York City, was specifically developed as a build-to-suit facility to support FedEx’s air cargo operations at nearby Stewart International Airport.

Lease Negotiations Facilitated by Resource Realty

The negotiations for the lease renewal were facilitated by Tom Consiglio and Todd Hali of Resource Realty of Northern New Jersey. The landlord, CenterPoint Properties, a Chicago-based company, appointed Resource Realty to represent their interests in the lease negotiations. On the other hand, FedEx was represented by its own team.

Background of FedEx Corp.

FedEx Corp. is a multinational corporation that provides transportation, e-commerce, and business services. The company was founded in 1971 and has its headquarters in Memphis, Tennessee. FedEx operates in over 220 countries and territories and has a strong presence in the United States, where it has a large network of facilities, including airports and distribution centers.

Stewart International Airport

Stewart International Airport, located in New Windsor, New York, is a public/military airport that serves the Hudson Valley area. It is approximately 60 miles north of New York City and is owned by the Port Authority of New York and New Jersey. The airport has been in operation since 1930 and has undergone significant expansions and improvements over the years.

Implications of the Lease Renewal

The lease renewal at 100 Enterprise Drive is a significant development for both FedEx and CenterPoint Properties. For FedEx, the renewal of the lease highlights the company’s continued commitment to its air cargo operations at Stewart International Airport. This is a positive sign for the local economy and the airport, as it indicates that FedEx will continue to rely on the airport for its operations in the region.

On the other hand, for CenterPoint Properties, the lease renewal is a testament to the company’s successful build-to-suit development. The company was able to meet the specific needs of FedEx and create a facility that has proven to be a vital asset for the company. The renewal also ensures a stable income stream for the landlord, which will help in further investment and development in the area.

Conclusion

The lease renewal of the 125