PITTSBURGH PARKING PARTNERS, LLC WINS BID FOR CITY OF PITTSBURGH PARKING SYSTEM

Laz and JP Morgan Asset win Pittsburgh concession with a bid of $452 million. Here is the news release from Laz:

September 20, 2010 – HARTFORD, Conn. – Pittsburgh Parking Partners, LLC is pleased to announce they have been selected as the preferred proposer for the 50-year concession and lease of the city's 12 parking facilities and 8,700 metered spaces.  Pittsburgh Parking Partners, LLC, is a consortium of investors comprised of institutional investors advised by J.P. Morgan Asset Management and P4 Partners, an affiliate of LAZ Parking.   The consortium has teamed with LAZ Parking, headquartered in Hartford, Connecticut, for the operation of the Pittsburgh parking system.  

"As the winning bidder, we are honored to have the opportunity to work with the City of Pittsburgh, the City Council and the Pittsburgh Parking Authority to undertake this historic project. We appreciate the diligence and hard work of the Parking Authority and Mayor Ravenstahl and his staff throughout the bidding process and we look forward to working closely with them to provide enhanced parking services and facilities to Pittsburgh residents, visitors and employees." said Peter D. Levin, CEO of Pittsburgh Parking Partners, LLC.  

LAZ manages parking systems in 99 U.S. cities, and currently operates the largest public-private parking concession in the country – in Chicago.

"We were extremely impressed by the guidelines Pittsburgh set forth in the legally binding request for proposal agreement," said Peter D. Levin.  "Some of these pre-established guidelines will require that we install new technology in areas that will experience rate increases, before those rate increases occur," said Peter D. Levin. "With our proven track record and experience from Chicago and many other cities in which we operate, we know that we can and will manage a successful transition as the Pittsburgh Parking System modernizes and expands its facilities."

About J.P. Morgan Asset Management –  Global Real Assets

J.P. Morgan Asset Management – Global Real Assets has approximately $44.6 billion in real estate and infrastructure assets under management, as of June 30, 2010.  With a 40-year history of successful investing and a staff of 362 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.

 J.P. Morgan Asset Management is the marketing name for the asset management business for JPMorgan Chase & Co. and its affiliates worldwide.

About P4 Partners:

Created in 2008, P4 Partners is the affiliated entity through which LAZ Parking pursues parking public-private partnership investments.  P4 Partners seeks to pursue these investments by leveraging the operational and concession expertise resident in LAZ Parking to create long-term durable investments for P4 Partners and other infrastructure investors.

About LAZ Parking:

LAZ Parking is a national parking company headquartered in Hartford, CT with regional offices in Boston, New York, Philadelphia, Washington, D.C., Atlanta, Miami, Chicago, Dallas, Houston, San Diego, and Los Angeles.  Founded in 1981, LAZ Parking now manages over 1,300 locations in 99 cities across 21 states, and oversees gross revenues in excess of $500 million annually. In the fall of 2007, LAZ Parking combined forces with Europe's top parking operator, VINCI Park.  This transaction represented a mutual growth strategy, allowing LAZ to continue its U.S. expansion.  Currently, LAZ Parking's portfolio includes management of parking operations for municipalities, entertainment/stadium venues, residential, office buildings, hotels and resorts, valet services, hospitals, medical complexes, airports, and university campuses.

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