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Last week, the Port of Long Beach, Calif., announced it signed a $4.6 billion, 40-year lease with Orient Overseas Container Line (OOCL) for the soon-to-be-built Middle Harbor container terminal.

The lease provides OOCL and its subsidiary, Long Beach Container Terminal L.L.C., exclusive use of the facility for four decades.

“I can’t overstate the significance of this agreement,” said Christopher Lytle, the port’s executive director, in a prepared statement. “It is the largest and most far-reaching terminal lease ever at the Port of Long Beach.”

The port plans to spend about $750 million to build what it characterizes as “the world’s greenest and most technologically advanced container terminal.” Part of the Middle Harbor project calls for adding 65,000 feet of track. The port’s switching railroad, Pacific Harbor Line Inc., interchanges with BNSF Railway Co. and Union Pacific Railroad.

The port plans to hold a ceremonial groundbreaking event in May to commemorate the partnership with OOCL and development of the Middle Harbor terminal.