Standard, Central parking companies must sell lots to get merger
SUN-TIMES STAFF and WIRES September 26, 2012 6:32PM
Updated: October 29, 2012 6:37AM
Chicago-based Standard Parking Corp. must sell 10 downtown off-street parking sites here, and dozens in other cities, in if it wants to complete its merger with Central Parking Corp., the Justice Department said Wednesday.
The nation’s the two largest parking management companies must sell 107 of their garages and lots in the central business districts of Chicago and 27 other cities in order to proceed with the merger.
Standard wants to acquire Central Parking Corp. of Nashville, Tenn., in a transaction valued at $345 million, but they need federal court approval. Each company operates some 2,200 parking facilities.
“Consumers have benefited from lower parking prices because of competition between Standard and Central in many urban central business districts,” said Acting Assistant Attorney General Joseph Wayland in charge of the Department of Justice’s Antitrust Division. “These divestitures will ensure that consumers in the affected cities and states will receive better services.”
The Justice Department said that without the divestitures, the combined company would have gained a dominant market share, resulting in higher prices and reduced service to motorists.
The parking facilities that would need to be sold in Chicago are:
♦172 W Madison St.
♦540 N State St.
♦333 N Dearborn St.
♦816 N Clark St.
♦938 W North Ave.
♦1547 N Kingsbury St.
♦1101 S State St.
♦8 E 9th St.
♦640 W Washington St.
♦3134 N Clark St.
The first six are operated by Central, and the others by Standard.
Other cities where the companies will sell some facilities include New York City, Los Angeles, Houston and Philadelphia.