NEW YORK – Troutman Pepper, as specialty construction counsel, represented a consortium of investors consisting of Vantage Airport Group, JetBlue, American Triple I, and RXR Realty in a deal to build, finance, and operate a new US$4.2 billion passenger terminal at New York’s John F. Kennedy International Airport (JFK). The financial close of the deal was announced on November 17.
The terminal, to be named Terminal 6, will be built as an extension of JetBlue’s existing JFK Terminal 5 and will eventually span across the entire site now occupied by JFK Terminal 7. The deal represents the second transaction in which Troutman Pepper provided construction counsel to a P3 private consortium undertaking the redevelopment of an airport terminal project at JFK.
JFK Millennium Partners LLC, a joint-venture project company formed by the consortium, will commence construction for the new Terminal 6 in 2023.
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Troutman Pepper is a national law firm with more than 1,200 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from start-ups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.