Morgan Stanley Group to Sell Chicago Parking Meters to Stonepeak

A Morgan Stanley-led group has reached a deal to sell its lease of Chicago’s parking meters to New York-based Stonepeak, Mayor Brandon Johnson’s office said on Monday.

The two parties have signed a purchase and sale agreement, according to a spokesperson for Johnson. The transaction is subject to City Council approval, and an ordinance is set to be introduced this week. The price and other details weren’t immediately known.

“The City has received notice that the process initiated last year by Chicago Parking Meters, LLC to pursue a transfer of its rights to metered parking assets in Chicago has ...