NEW YORK (August 18, 2006) — Terminal 4 at John F. Kennedy International Airport in New York City, developed by LCOR with Schiphol USA and Lehman Brothers, is among the nation's most well-executed, successful public/private development partnerships, according to an Urban Land Institute survey published in the July 2006 edition of Urban Land magazine.

The JFK development "successfully navigated the complexities of public/private partnerships to provide benefits that neither the private sector nor the public sector could have supplied on its own," according to ULI. The Urban Land Institute represents the entire spectrum of land use and real estate development disciplines, working in private enterprise and public service.

Urban Land's description of the JFK terminal follows:

Built in the days of propeller airplanes, the 1950s International Arrivals Building at John F. Kennedy Airport could not efficiently meet the heavy demand of contemporary air traffic. But financing the replacement for the terminal, one of the biggest on the continent, was no easy task. Further complicating matters was the need to keep the existing facility operational as the new one was being built — on the same site. To finance the project off the balance sheet, the Port Authority of New York and New Jersey turned to JFK International Air Terminal LLC, a private consortium consisting of LCOR Inc. based in Berwyn, Pennsylvania; New York City-based Lehman Brothers; and Amsterdam-based Schiphol USA.

The project marks the first time an air terminal in the United Sates was financed, developed and built by a private consortium unaffiliated with the airport industry. Designed and engineered by TAMS Consultants Inc., Skidmore, Owings & Merrill and Arup Engineers, the 1.5-million square foot terminal opened in May 2001 with a four-block-long retail concourse that includes miniparks, a glass-enclosed departures lobby and a light-rail station.

About LCOR

LCOR is a real estate development, investment, operations and asset management company dedicated to creating better places for people to live, learn, work, travel and play. LCOR specializes in public/private development, large-scale multifamily residential development (for-lease and for-sale) and commercial property development, including mixed-use, office and transit-oriented properties. With projects throughout the United States, LCOR has approximately $8 billion in developments completed, under construction or in pre-development. LCOR has developed in excess of 20,000 residential units and more than 16 million square feet of commercial space. LCOR is a national company principally focused in the Northeast and Mid-Atlantic regions (in the New York, Washington, D.C. and Philadelphia metropolitan areas). LCOR's corporate office is in Berwyn, Pa.

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