Sunday, February 14, 2016

Business

U.S. orders 4 Center City parking garages sold

Under US antitrust order

U.S. orders 4 Center City parking garages sold

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Despite the fact they are, in the Justice Department's own admission, "head-to-head competitors" in Philadelphia and other major cities, the merger between the largest and second-largest U.S. parking garage operators - Standard Parking Corp., Chicago; and Central Parking Corp., Nashville - won Justice Department antitrust approval last month on condition the companies sell a sprinkling of its parking garages in 25 cities.

The Final Order – read it here lists four Central sites in Center City Philadelphia among the garages to be divested. Three are close to Septa's Suburban Station and Comcast headquarters: 1717 Arch St., 1815 John F. Kennedy Blvd., 1900 John F. Kennedy Blvd. The fourth is at 1616 Sansom St., a few minutes' walk south.

Standard agreed to buy Central from Kohlberg & Co., Mt. Kisco, N.J., and from its Philadelphia-based partners, Lubert-Adler Partners LP and Versa Capital Management LP, for around $345 million in cash, stock and assumed debt. The deal closed Oct. 2, statement here. The combined companies, even after divestment, employ more than 25,000 at more than 4,000 garages, with 2.2 milion parking spaces and $1.5 billion in yearly sales. 

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About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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