Port, Ports America Agreement Wins Real Estate Deal of the Year Award
March 31, 2010
Port of Oakland and Ports America Agreement Wins Real Estate Deal of the Year Award
Annual Awards Event Honors Bold Deals of 2009
Oakland, Calif.–March 31, 2010– The nation’s fifth busiest Port and the nation’s largest marine terminal operator won a “Real Estate Deal of the Year” award at The San Francisco Business Times annual awards ceremony for the best transaction in the Infrastructure/Public Private category. The Port of Oakland and Ports America received the award for a 50-year terminal operations lease and concession that will deliver capital investment, jobs, and substantial economic impact for the community and region.
What makes this real estate transaction unique is that traditionally, the Port has had 10-15 year marine terminal assignments. This particular lease and concession agreement is for 50 years and requires Ports America to be responsible for operations, maintenance and repair, and all capital improvements to the property. Part of Ports America’s commitment is to also address air quality by building a high density, low-emission container terminal with ship-to-shore power and to use electric stacking cranes instead of diesel-powered equipment to reduce pollution for a healthier community.
“This partnership with Ports America affirms Oakland as a major international gateway while providing environmental benefits to the region,” said Port of Oakland Executive Director Omar Benjamin. “We also think of this partnership as a stimulus package of sorts because it will generate local business and employment opportunities.”
Ports America Chief Commercial Officer Peter Stone stated, “Oakland’s port presents a valuable combination of local and Northern California business opportunity, while at the same time offering potential new business for moving cargo to and from the US interior through Oakland; that’s the future.”
About the Port of Oakland
The Port of Oakland oversees the Oakland seaport, Oakland International Airport and 20 miles of waterfront. The Oakland seaport is the fifth busiest container port in the U.S.; Oakland International Airport is the second largest San Francisco Bay Area airport, offering over 140 daily flights; and the Port’s real estate includes commercial developments such as Jack London Square and hundreds of acres of public parks and conservation areas. The Port of Oakland was established in 1927 and is an independent department of the City of Oakland. Please visit: www.portofoakland.com.
About Ports America
Ports America, headquartered in Iselin, N.J., is the largest independent port terminal operator in North America, providing terminal management and a full suite of stevedoring and related services. Ports America, including its predecessor companies, has over 85 years experience operating American seaports. Its current business includes operations in more than 80 locations in 42 ports in North America, handling containers, roll on/roll off cargo, general and project cargo and cruise ship passengers and luggage. As one of the largest employers of maritime labor in North America, Ports America employs more than 12,000 people each day at its operations, including full-time equivalent employees. For further information on Ports America, please visit our website: www.portsamerica.com