Airplane lessor Jackson Square Aviation has ordered 30 Boeing 737 Max 8s, its first direct order with an aircraft manufacturer. The deal, announced Monday morning at the Farnborough International Airshow, is worth $3.5 billion at list prices.

The San Francisco-based lessor is the 100^th customer for the Max. Boeing’s order book for the latest-generation 737 line is dominated by the Max 8 model. It is a “very liquid airplane,” said Jackson Square CEO Toby Bright.

As is standard, the order comes with conversion options, but Bright indicated it is unlikely the lessor will upsize or downsize which Maxs it receives. The Max 8 “seems to be the heart of the market,” Bright said. Deliveries to Jackson Square will start in 2023 and continue through 2025.

Jackson Square’s portfolio already has more than 180 aircraft, including Max 8s. However, prior to this order, the lessor has acquired aircraft primarily by buying them from airlines through sale-leaseback arrangements or pre-delivery financing. Jackson Square plans to continue pursuing those deals, Bright said.