JFK Airport’s USD9.5 Billion New Terminal One Project

Allen & Overy advised Carlyle, JLC Infrastructure, Ullico and Ferrovial (the consortium). Proskauer advised JLC Infrastructure in the project.

Carlyle, JLC Infrastructure, Ullico and Ferrovial (the consortium) provided USD9.5 billion for developing, constructing and operating the new terminal one at John F. Kennedy Airport in New York City. The deal is the largest single-asset project financing deal in U.S. history and was supported by A&O teams across New York and Washington D.C.

The first phase of construction is scheduled to be completed in 2026, with the second and final phases wrapping by 2030. Once complete, the terminal will reach 2.4 million square feet and comprise modern sustainability efforts and security capabilities, 23 new gates, airy check-in halls, arrival and departure spaces, New York-inspired dining and retail locations, and other customer-focused installations such as lounges, an indoor green space and family-friendly amenities.

Terminal one will be built on sites currently occupied by existing terminals 1 and 2, as well as the former terminal 3. In total, it is expected to create 10,000 new jobs, including 6,000 in construction, which is expected to begin this summer.

The A&O deal team was led by partner Kent Rowey (Picture), with support from partners Jillian Ashley, Dorina Yessios, Ken Rivlin, David Lucking and Simon Clark. Additional support was provided by Niso Matari, Gideon Wiginton, Bassam Chain, Punarva Gera, Nate Kraintz, Max Braun, Will Davis, Maria Christopher Bell, Nick Ognibene, Jaime Hernandez Palacios, Joel Beacher, Isabelle Whitehead and Tiiu Lemsalu.

The Proskauer team included partner Monica Arora, special funds counsel Sean Spence, and associates Jennifer Hicks, Kevin Beckoff and Celeste Kim (Private Funds); partners Jeremy Naylor and Stephen Severo and associate Emily Benedict (Tax); partner Adam Creed and associate Nick Wardle (Transactional); and partners Ron Franklin and Jinyoung Joo and associate Carolyn Killea (Finance).

Involved fees earner: Jillian Ashley – Allen & Overy; Bassam Chain – Allen & Overy; Maria Christopher Bell – Allen & Overy; Simon Clark – Allen & Overy; Will Davis – Allen & Overy; Punarva Gera – Allen & Overy; Jaime Hernandez – Allen & Overy; Nathanael Kraintz – Allen & Overy; Tiiu Lemsalu – Allen & Overy; David Lucking – Allen & Overy; Nisim Matari – Allen & Overy; Nick Ognibene – Allen & Overy; Ken Rivlin – Allen & Overy; Kent Rowey – Allen & Overy; Isabelle Whitehead – Allen & Overy; Gideon Wiginton – Allen & Overy; Dorina Yessios – Allen & Overy; Monica Arora – Proskauer Rose; Kevin Beckoff – Proskauer Rose; Emily Benedict – Proskauer Rose; Adam Creed – Proskauer Rose; Ron Franklin – Proskauer Rose; Jennifer Hicks – Proskauer Rose; Jinyoung Joo – Proskauer Rose; Carolyn Killea – Proskauer Rose; Celeste Kim – Proskauer Rose; Jeremy Naylor – Proskauer Rose; Stephen Severo – Proskauer Rose; Sean Spence – Proskauer Rose; Nicholas Wardle – Proskauer Rose;

Law Firms: Allen & Overy; Proskauer Rose;

Clients: Carlyle Group; Ferrovial; JLC Infrastructure; Ullico Inc.;

Giulia Di Palma

Author: Giulia Di Palma