Morgan Stanley wins bid for Chicago parking lots

New York-based Morgan Stanley said its infrastructure investment business partnered with LAZ Parking on the bid. The parking system, with 9,178 spaces in four garages near Michigan Avenue and Millennium Park, is the largest underground public parking system in the United States.

The deal, which still needs approval by the Chicago City Council and the city's Park District, is expected to be completed by Dec. 15. The concession extends for 99 years.

"The parking system has a long operating history and good prospects for long-term income growth," said Sadek Wahba, who leads Morgan Stanley's infrastructure investments.

"We are seeking a broad array of stable infrastructure opportunities, and this investment represents an important step in the build-out of our infrastructure business," Wahba said in a statement.