LaGuardia Airport, Commercial Strategy
New York, USA

Commercial due diligence behind one of North America’s largest airport partnerships

Client

Vantage Airport Group

Size

33.5 mppa

Solution

LaGuardia Airport’s Terminal B redevelopment began in 2016. The scheme replaced the airport’s 50-year-old Central Terminal Building and is one of North America’s most significant public-private partnerships. It is delivered by LaGuardia Gateway Partners (LGP), a consortium of Vantage Airport Group, Meridiam Infrastructure and Skanska.

Commercial strategy from the bid through financial close

As specialist commercial advisor, drawing on previous work with Vantage on airport assets in Canada and the UK, Benoy’s (then Pragma) scope spanned strategic passenger research, a detailed review of the existing terminal’s retail and catering performance against the passenger forecast and global comparators, and definition of the future commercial proposition and layout. Working alongside Vantage and the architectural team, optimum space was modelled across the pre-construction, construction and post-construction phases. Benoy developed forecasts for commercial revenues from the current offer through the construction period and across the full concession, feeding the successful investment bid. After LGP’s appointment as preferred bidder, Benoy was retained to assess the impact of final negotiations through to financial close.

A terminal sized to New York’s role as a domestic hub

The completed Terminal B reflects LaGuardia’s standing as a principal gateway for domestic air travel. The facility was designed to handle high passenger volumes while improving the quality of the journey through the building. More than 34 million passengers travelled through LaGuardia in 2024, a measure of the airport’s continued importance to the city it serves.