LAZ Wins Bay State Contract

LAZ Parking Limited, LLC is pleased to announce they have been awarded the management of 30 rail facility parking locations by the Massachusetts Bay Transportation Authority.
These 44 locations consist of 25,242 parking spaces, and brings the total number of leased, owned and/or managed parking spaces in the Northern New England portfolio of LAZ Parking to 94,400 spaces.

"We are very excited to have been selected by the MBTA and expect to handle the transition and subsequent operations in a manner that will be seamless to the parking customers," said Jeff Karp, Co-Founder and President of LAZ Parking. "Our company?s experience in 2003 in taking over the Washington Metropolitan Area Transit Authority's 55,000 spaces in 130 locations demonstrates our capability with similar facilities."

Formed in 1981 with a single valet location in Hartford, Connecticut, LAZ Parking has developed into one of the largest national parking companies in the United States, operating over 350 parking facilities in fourteen states and 78 cities, managing in excess of 350,000 parking spaces, 2,100 people and $139 million in parking receipts. "There's nothing magical about what we do. We are a company of honest and dedicated parking professionals who look for every opportunity to increase our clients' profitability while growing our company," said Mr. Karp. "Our incredible growth across the country is a testament to that philosophy."

Recently, LAZ Parking formed LAZ Parking Realty Investors with an initial equity commitment of $200 million. This investment vehicle represents a new joint venture parking fund that leverages the LAZ operating portfolio and is expected to result in an expansion program of acquisitions across the country.
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