Some closed beta testers have been reporting broken quest in the chain to acquire the Arcatraz Key.  Tigole confirmed this will be fixed by next beta patch.  And only one person needs the key for the team.

Tigole: “We’re looking into the key quest now. If it’s broken, we’ll do our best to fix it ASAP.

As for the key being a requirement for the portal, it should not be. That will be fixed in the next push. The door/portal should work just like Scarlet Monastery – Cathedral. One person in the group needs it. We’ll get that fixed.”

If you are lost on where to start the long chain of quests to acquire the Tempest Keep: Arcatraz wing key, sweat no more.

Here is the exact order of quests you need to follow according to
Mythrandious (Betadown Brigade Guild):

1) Spymaster Thallodien in Area 52 gives you a quest to talk to Nexus-Stalker Khay’ji in Area 52.
2) Nexus-Stalker Khay’ji has you kill some Ethereals in the Scrap Heap south of Area 52.
3) Nexus-Stalker Khay’ji has you kill the boss Ethereal (trivially soloable) in the Scrap Heap south of Area 52.
4) Nexus-Stalker Khay’ji has you collect a crystal from the Arklon Ruins east of Area 52.
5) Nexus-Stalker Khay’ji has you talk with Gharuj in Eco-Dome Midrealm.
6) Gharuj has you collect Boxes of Surveying Equipment from Manaforge Duro east of Eco-Dome Midrealm.
7) Gharuj sends you to Nexus-Prince Haramad at the Stormspire.
8) Haramad takes the Surveying Equipment and gives you a Triangulation Device and a quest to talk to Wind-Trader Marid at the Protectorate ethereal post near Manaforge Ultris.
9) Wind-Trader Marid tells you to find the First Triangulation Point. It’s east of Manaforge Ultris.
10) Wind-Trader Marid sends you to find the Second Triangulation Point and then talk to Wind Trader Tuluman. It’s near Manaforge Ara.
EDIT: 11) Wind-Trader Tuluman has you kill Culuthas at the Ruins of Farahlon to recover the Ata’mal Crystal.
12) Wind Trader Tuluman sends you back to Haramad.
13) Scripted sequence involving Haramad.
14) Haramad sends you to A’dal in Shattrath.
15) A’dal gives you a sweet reward, 1000 Shattrath rep, and the quest for the Arcatraz key.