MOSES LAKE - Aerial lift manufacturer Genie Industries and the Port of Moses Lake recently signed a new 15-year lease.

The agreement is for the company's main warehouse and 2.5 acres on port property.

The lease has an option for renewal for five years, said Patrick Jones, the port's executive director, on Monday.

The company employs 723 people in Moses Lake, he said.

"The lease is evidence of their success in Moses Lake," Jones said.

Per month, the lease is $60,523 for the 422,000-square-foot warehouse and $300 per acre of land, he told the Columbia Basin Herald.

For every two years, Genie is charged 1 cent more per square foot than the previous lease.

Glenn Gere, Genie's Moses Lake plant manager, said the company has always had a good relationship with the port.

After initially helping the company open in Moses Lake, he was glad to be back in the community and looked forward to growth.

"We're really thrilled the lease is completed," said Rob Roche, with Genie's general counsel's office.

Despite recent downturns, the company is hiring again.

Genie employees have local ties, Roche said, with his sister living and working in Moses Lake.