SP+ Commences Management of Largest U.S. Underground Parking System

CHICAGO, Sept. 19, 2016 -- SP Plus Corporation (SP+), (Nasdaq:SP), a leader in parking management, ground transportation and ancillary services, today announced it has assumed management of the Millennium Garages in downtown Chicago.

SP+—the largest parking company in North America—now operates the 3.8 million-square-foot parking system containing 9,176 parking spaces spread throughout four garages. The garages are located underneath Chicago’s Millennium, Grant and Maggie Daley Parks.  

As the largest underground parking system in the United States, the Millennium Garages offer customers convenient, easily-accessible parking located near a multitude of restaurants, hotels, theaters, universities, offices, retail shops, cultural venues and tourist attractions, as well as large-scale events that include concerts, sports and seasonal festivals such as the Taste of Chicago.

“The Millennium Garages serve an exceptionally large number of City destinations whose customers want convenient, efficient and safe spots to park their cars. That’s our specialty and we’ll spare no effort to make sure that all our Millennium Garage parking patrons are completely satisfied with their parking experience,” commented Marc Baumann, President and Chief Executive Officer at SP+.

SP+ previously operated these parking garages for the City of Chicago and the Chicago Park District from 1993 to 2006, when a parking concession went into effect. Millennium Parking Garages LLC (MPG), a joint venture between Northleaf Capital Partners and AMP Capital, purchased the concession interests in May 2016 and selected SP+ to take over operations effective September 16, 2016.

Dylan Foo, Director of MPG, said: “We are pleased to have partnered with SP+, one of the preeminent parking operators in the country. Their previous role as operator of the garages, together with an extensive Chicago presence and shared vision of the facilities, make them an ideal partner.”

SP+ provides professional parking, ground transportation, facility maintenance, security, and event logistics services to property owners and managers in all markets of the real estate industry. The Company has more than 22,000 employees and operates approximately 3,700 facilities with 2.0 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 60 airports. USA Parking System, a wholly owned subsidiary, is one of the premier valet operators in the nation with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor. The Company’s ground transportation division transports approximately 40 million passengers each year; its facility maintenance division operates in dozens of U.S. cities; and its SP+ GAMEDAY operating group provides a wide range of event logistics services. For more information, visit www.spplus.com.

CONTACT: Michael K. Wolf   
Executive Director
[email protected] 
312-274-2070