Boeing and Jackson Square Aviation have announced the leasing company has ordered 30 737 MAX airplanes in its first direct purchase from a jet maker, reflecting the evolution of the airplane lessor’s business and its confidence in the market for 737 MAXs.

The two companies unveiled the $3.5 billion deal – per current list prices – during a signing ceremony at the 2018 Farnborough International Airshow.

“Today’s order is an exciting moment in the history of Jackson Square Aviation,” said Toby Bright, Jackson Square Aviation chief executive.

“We are excited to become even more of a full-service partner for our airline customers by expanding our fleet of 737 MAX airplanes as global demand for narrow-body jets continues to rise.

“The MAX is quickly becoming an important part of our portfolio and we look forward to offering this modern, fuel-efficient and reliable aircraft to airlines around the world. 

“We have carefully evaluated how speculative orders can enhance our long-term business model, and this transaction signifies the next step in that development.”

Since its founding in 2010, San Francisco-based Jackson Square Aviation has grown steadily by buying new technology airplanes from airlines globally through sale-leaseback financing and pre-delivery payment financing agreements.

The stable model has served Jackson Square Aviation well as it has built a portfolio of more than 180 jets with long and balanced lease terms placed with 49 customers in 27 countries.

“We are proud to support this important transaction between Jackson Square Aviation and Boeing,” said Naoki Sato, chairman of Jackson Square Aviation. 

“This order reflects our strong confidence in the continued growth of the aviation sector and in the leadership of JSA.”

Jackson Square Aviation has selected the 737 MAX 8, which offers 162 to 178 seats in a standard two-class configuration and flies up to 3,550 nautical miles (6,570 kilometres), while improving fuel efficiency 14 per cent over its predecessor.