The Tucson Airport Authority Board approved a new lease for Raytheon Missile Systems.
The defense manufacturing giant will add 39 acres of vacant land to its current holdings next to the Tucson International Airport. This plot of land lies between East Hermans Road and East Aero Park Boulevard along Old Nogales Highway. With this new lease, Raytheon’s 231 acres of airport-owned land will increase to 270 acres.
This plan was unanimously approved at a special meeting last Wednesday after Raytheon requested the extra acreage for further construction of facilities. Raytheon is the largest private employer in southern Arizona with more than 10,000 local employees. It has already completed one building and is looking to finish work on a few others as part of a major expansion project at the airport location.
The new lease is set at the fair market value of 20 cents per square foot, matching the current lease. According to the approved proposal, this will increase Raytheon’s annual rent by approximately $340,000.
For more information, please visit the official website of the Tucson Airport Authority HERE.