LaGuardia Gateway Partners Begins Lease and Redevelopment of LaGuardia Airport's Central Terminal B

NEW YORK, June 1, 2016 --

For materials and renderings, please access
http://laguardiagatewaypartners.com/media/

LaGuardia Gateway Partners (LGP), a consortium of Vantage Airport Group, Skanska and Meridiam, together with the Port Authority of New York and New Jersey have signed a lease agreement and achieved financing for the public-private partnership redevelopment of LaGuardia Airport's Central Terminal B. The lease began today and continues through 2050.

"Today's contractual closing of the public-private partnership and the imminent commencement of construction represent a huge step forward in Governor Cuomo and the Port Authority's vision to modernize LaGuardia Airport," said Port Authority Executive Director Pat Foye. "The new Terminal B will be a 21st Century facility offering a high level of customer service and amenities. The LaGuardia Public-Private Partnership represents the second major PPP entered into by the PA in less than three years."

"Today is a milestone step forward for the project, the broader New York community and the nation," said Stewart Steeves, Chief Executive Officer of LaGuardia Gateway Partners. "With the beginning of this lease, our team brings its award-winning experience to the project and will deliver a sustainably-designed, state-of-the art facility at LaGuardia Airport."

The project includes a new 35-gate Terminal B, Central Hall, West Garage, related roadways and supporting infrastructure. During construction, the existing terminal will remain fully operational and flights will not be affected. New facilities will begin opening in 2018, with scheduled substantial completion in 2022. The $4 billion public-private partnership is one of the largest for new transportation infrastructure in the U.S. and is financed using equity, debt and revenues.

"LaGuardia Gateway Partners is working with the Port Authority to realize Governor Cuomo's vision for a new LaGuardia," Steeves said. "We are committed to delivering this project on time and within budget, while keeping communities engaged and informed. Our focus on delivering a great customer experience is rooted in knowing that an airport terminal is the first and last experience a passenger may have when visiting a city and region. We will build and operate a facility that New Yorkers can be proud of."

The new LaGuardia Central Terminal B will feature dual pedestrian bridges spanning active aircraft taxi lanes—a first in the world—that connect the terminal to two island concourses. This islands and bridges design allows for improved airline circulation and gate flexibility, which will help reduce airport delays. From the western concourse bridge, a view of the Manhattan skyline epitomizes how the new terminal design uniquely reflects New York.

Inside the new facility, there will be food, retail and beverage options that reflect regional and national offerings. The terminal will be flooded with natural light at all levels, have short curb-to-gate walking distances, and have spacious and comfortable waiting areas with more seating capacity.

The more than 1.3 million square feet of the new Central Terminal B is expected to achieve LEED Silver certification for sustainable design, a designation of Leadership in Energy and Environmental Design (LEED) by the U.S. Green Building Council.

Partner Quotes

"I'm proud to see Vantage Airport Group oversee the construction and operations on such a ground-breaking project. We take the responsibility seriously, and look forward to working with the Port Authority of New York and New Jersey and our many airport stakeholders on delivering a terminal that meets the high expectations of the state and city of New York," said George Casey, President and CEO, Vantage Airport Group and LGP Chairman of the Board.

"Our team has brought together several of the world's aviation leaders to benefit the Port Authority, the more than 14.3 million passengers who travel through LaGuardia's Central Terminal B annually and the airlines who serve them. We understand the vital role that LaGuardia plays as a transportation hub, a regional economic engine, and a critical link in the nation's aviation network. We look forward to delivering the best possible terminal to fulfill each of those essential roles," said Jane Garvey, Chairman, Meridiam North America and LGP Board Director.

"Skanska is proud to invest in and lead construction of the redevelopment of the LaGuardia Central Terminal B with our team. The new terminal is vital to the transportation needs of our country, the vibrancy of our economy and will serve a flying public that is growing dramatically. This unique endeavor is the biggest public-private partnership in New York," said Rich Cavallaro, President and CEO, Skanska USA.

About LaGuardia Gateway Partners

LaGuardia Gateway Partners was selected by the Port Authority of New York and New Jersey to deliver an extensive capital redevelopment project at LaGuardia Airport that will provide world-class terminal facilities and operations for passengers and airlines.

LaGuardia Gateway Partners is composed of Vantage Airport Group, Skanska and Meridiam for development and equity investment; SkanskaWalsh as the design build joint venture; HOK and WSP | Parsons Brinckerhoff for design; and Vantage Airport Group for management of the terminal operations. LaGuardia Gateway Partners' members have worked on more than 350 aviation and transportation projects globally and domestically, including international airports in New York (John F. Kennedy), Chicago, Doha, Delhi, Los Angeles, Santiago, and Nassau. For more information, visit www.laguardiagatewaypartners.com or follow on Twitter at @LGACentral.

QUOTES

Vantage Airport Group – George Casey, President and CEO

"I'm proud to see Vantage Airport Group lead this dynamic team on such a ground-breaking project. We take the responsibility seriously, and look forward to working with the Port Authority of New York and New Jersey and our many airport stakeholders on delivering a terminal that meets the high expectations of the state and city of New York."

Vantage Airport Group is a leading developer, investor, manager and operator of airports around the globe. For 21 years, Vantage has applied to airports worldwide the expertise honed throughout its network and at Vancouver International Airport (YVR), named Best Airport in North America for seven consecutive years.

Skanska USA – Rich Cavallaro, President and CEO

Skanska USA, headquartered in New York, is one of the largest, most financially sound construction and development companies in the country.

Meridiam – Jane Garvey, Chairman, Meridiam North America and former U.S. Federal Aviation Administrator

Meridiam is a leading investor, developer, manager and long-term partner in North American and European public-private partnerships with dedicated 25-year funds and global assets under management of $5.7 billion enabling it to be a long-term partner to the public sector from project inception through operations.

WSP | Parsons Brinckerhoff – Gregory Kelly, President and CEO

"WSP | Parsons Brinckerhoff is proud to be part of the LaGuardia Gateway Partners team for the development of a new terminal at La Guardia Airport. As part of the design joint venture, we are pleased to contribute expertise from across our integrated business sectors, including advisory services, buildings, environment, industrial & energy, and transportation & infrastructure, to one of the most exciting infrastructure projects under way in New York City."

WSP | Parsons Brinckerhoff is one of the world's leading engineering and professional services firms, serving the aviation industry for over 70 years, with regional headquarters in New York City.

HOK - Robert Chicas, AIA, Design Manager and Director of Aviation + Transportation

"The HOK and WSP | Parsons Brinckerhoff design team is proud to be a part of this milestone for LaGuardia Airport and New York. The project's innovative design and unique delivery and operational model demonstrate the benefits of public-private partnerships. The development of a state-of-the-art, 21st-century terminal complex will completely redefine the LaGuardia Airport passenger experience, giving it world-class amenities and customer service that position it among the world's best airports."

HOK is a global leader in aviation architecture, having planned and designed over $18 billion of airport construction in the past 10 years, including Indianapolis International Airport, Terminal A at Boston Logan Airport, and the Salt Lake City Airport redevelopment project (currently in progress).

Walsh Construction – Dan Walsh, Co-Chairman

"Walsh Construction is dedicated to delivering the new Central Terminal Building with the highest standards for construction and safety, and an unwavering focus on quality. This state-of-the-art facility will not only be a new gateway to New York City, but will also improve airport operations and raise the bar for global aviation infrastructure."

Walsh Construction is a 118 year old family-owned business and one of the nation's largest aviation contractors. Walsh has consistently delivered successful projects including major terminal expansions at Raleigh-Durham International Airport, Sacramento International Airport, and Los Angeles International Airport.

LAGUARDIA CENTRAL - FACT SHEET

About the Project
LaGuardia Gateway Partners is the private partner of the Port Authority of New York and New Jersey to deliver LaGuardia Central Terminal B, an extensive capital redevelopment project that will provide world-class facilities for passengers and airlines. LaGuardia Central is a public-private partnership that includes finance, design, construction, operation and maintenance of the LaGuardia Airport Central Terminal B, with a lease term through 2050. LaGuardia Central includes a new 35-gate Terminal B, Great Hall, West Garage, related roadways and supporting infrastructure.

About the Partners
LaGuardia Gateway Partners is composed of Vantage Airport Group, Skanska and Meridiam for development and equity investment; Skanska-Walsh as the design build joint venture; HOK and WSP | Parsons Brinckerhoff for design; and Vantage Airport Group for management of the operations. LaGuardia Gateway Partners' members have worked on more than 350 aviation and transportation projects globally and domestically, including international airports in New York (John F. Kennedy), Chicago, Doha, Delhi, Los Angeles, Santiago, and Nassau. For more information, visit www.laguardiagatewaypartners.com or follow on Twitter at @LGACentral.

By the Numbers¹

$4 billion project value, of which two-thirds will be financed by private funds
1.3 million square feet of new terminal
14+ million passengers in 2015 (half of LaGuardia Airport's current total passenger traffic)
35 gates (same as existing terminal)
8 airlines operate out of the terminal: Air Canada, American Airlines, Frontier Airlines, JetBlue, Southwest Airlines, United Airlines, Spirit and Virgin America
$1.3 billion in wages and $5.2 billion in regional economic activity²
39 months to opening of significant portions of the terminal, when 100 per cent of passengers will check in at the new head house
Dual pedestrian bridges that span active taxi lanes - a first in the world
June 1, 2016: first day of LGP-led terminal operations

For more information, visit www.laguardiagatewaypartners.com or follow on Twitter at @LGACentral.

Timeline

January 2013: Qualifications submitted
July 2013: Shortlisting announced
April & May 2014: Proposals submitted
May 2015: LaGuardia Gateway Partners selected as Preferred Bidder
July 2015: New York Governor Andrew Cuomo unveils vision for LaGuardia Airport
March 2016: Lease authorization approved by Port Authority of New York and New Jersey
June 1, 2016: Lease commencement and LaGuardia Gateway Partners takes over operations of existing Central Terminal B from Port Authority
June 1, 2016 to 2022: Central Terminal Redevelopment Project construction
June 1, 2016 to December 30, 2050: LaGuardia Gateway Partners operates and maintains existing Terminal B and, upon completion, the new Central Terminal

¹ All statistics courtesy of the office of New York Governor Andrew Cuomo, the Port Authority of New York and New Jersey and LaGuardia Gateway Partners
² Port Authority Advances Major Modernization Projects, March 24, 2016 Press Release

Renderings and Captions
To access high-resolution copies of the following renderings, please visit http://laguardiagatewaypartners.com/media/

MEDIA CONTACT:

Chris Bastardi
212-729-2495
chris.bastardi@edelman.com

Ana Zenatti
212-704-8245
ana.zenatti@edelman.com

SOURCE LaGuardia Gateway Partners

RELATED LINKS
http://www.laguardiagatewaypartners.com