News Release

Carlyle, Together with the Consortium Building the New Terminal One at JFK Airport, Announce Completion of Development Phase, Provide Notice to Proceed on Construction

  • Revised Lease with Port Authority of New York and New Jersey Executed 
  • Ferrovial Added as Lead Sponsor Alongside Carlyle, JLC Infrastructure and Ullico
  • Financial Close Achieved on $9.5 Billion, 2.4 Million Square Foot Project

NEW YORK – Global investment firm Carlyle (NASDAQ: CG) together with the New Terminal One (NTO) at JFK team – a consortium of labor, operating and financial partners – today announced completion of the development phase and provided Notice to Proceed on construction. 

NTO achieved this milestone following approval and execution of a revised lease by the Port Authority of New York and New Jersey including the addition of Ferrovial as a lead sponsor alongside Carlyle, JLC Infrastructure, and Ullico. In addition, and as a result of these achievements, NTO reached financial close on the $9.5 billion, 2.4 million square foot terminal and gave Notice to Proceed on construction. The project is expected to generate more than 10,000 total jobs and is the largest private investment ever committed to a U.S. airport terminal. The state-of-the-art NTO will be the largest international terminal at John F. Kennedy airport and is grounded in its commitment to engaging the local southeast Queens community, generating local job opportunities, reaching its 30% Minority or Women-owned Business Enterprises (“MWBE”) participation goal, and creating a uniquely New York sense of place. With the development phase complete under the prior equity leadership of Carlyle, the addition of Ferrovial’s project management and airport development leadership to the construction phase reflects continued momentum for the project, which is expected to break ground imminently.  

“The New Terminal One is a monumental opportunity to deliver on our commitment to building a world-class terminal that will serve as an economic engine for southeast Queens, the Tri-State area, and the nation,” said Dr. Gerrard P. Bushell, Chair and CEO, of The New Terminal One. “Achieving this milestone would not have been possible without the leadership of Carlyle, JLC Infrastructure, and Ullico throughout the development phase of this project. Through their efforts, we have assembled the right team of leading talent and expertise through our NTO financial consortium and our labor, government, and community partners. As we bring this phase to close, we look forward to entering the construction phase.”  

“Carlyle is exceedingly proud of the milestones we have reached to get to today, to which our team has contributed meaningfully,” said Macky Tall, Chair of Carlyle’s Global Infrastructure Group. “This project will have a tremendous impact on the local community, on New York and beyond, and we are proud to have played a central role in delivering what we believe is a world-class project ready to be built. We sincerely thank everyone for their partnership and look forward to seeing this important project come to completion.”

“JFK is the world’s gateway to New York and the United States, and we, together with our dedicated airport platform CAG Holdings, are proud to have brought to close the development phase of this critical infrastructure project,” said Pete Taylor, Co-Head of the Carlyle Global Infrastructure Opportunity Fund. “We thank all involved for their hard work and partnership over many months. We are confident this project has the right team in place to lead the next phase and to deliver a redeveloped and world-class New Terminal One that New Yorkers deserve.”

The revised lease approved by the Port Authority adds world-class airport developer and operator Ferrovial as the lead sponsor. In addition, Ferrovial will have oversight of the design build team, led by AECOM Tishman, which has managed construction of some of the world’s most iconic buildings, and Gensler, a leading global design and architecture firm. Ferrovial brings a wealth of experience as a global builder and operator of airports including Heathrow, Glasgow, Aberdeen, and Southampton airports. JLC, an investment firm, proponent for community engagement, and a strong MWBE partner, has a 30% stake in the project. Ullico, a privately held, union owned, insurance and investment company, is driving NTO’s labor commitment.

The New Terminal One will serve as a global gateway to the New York metropolitan area and aim to set a new standard for world-class design and service, aspiring to be among the top ten airport terminals in the world. The NTO will be built on the sites of the current Terminal 1, Terminal 2, and the former Terminal 3. The NTO will be built in phases, with full completion anticipated in approximately 2030. The plan is for New Terminal One to be a 23-gate, state-of-the-art terminal. Sustainably designed and future focused, the terminal will feature expansive, naturally-lit, public spaces, cutting edge technology, and an array of amenities, all designed to enhance the customer experience and compete with some of the highest-rated airport terminals in the world. With more than 300,000 square feet of dining, retail, lounges, and recreational space, The New Terminal One will offer passengers a uniquely New York sense of place. 

The New Terminal One is committed to local inclusion and labor participation with a focus on diversity and capacity-building opportunities, including a 30% MWBE participation goal in all categories of work. To date, NTO has contracted with 83 MWBE firms and paid them more than $46 million for delivering professional services and key engineering, planning, construction, and design work. The terminal will be built by union labor under a project labor agreement. NTO is also actively engaged in and supporting numerous community development initiatives, including ones focused on job opportunities and workforce development programs for local residents, small business outreach and development, and educational programming for local students.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $325 billion of Assets Under Management as of March 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs nearly 1,900 people in 26 offices across five continents. Further information is available at Follow Carlyle on Twitter @OneCarlyle.

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This release does not constitute an offer for any Carlyle fund.

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