Los Angeles releases RFQ for parking garages

Reponses to the request are due 4 March and qualified bidders are expected to be selected by 12 March, according to a preliminary sale process schedule.

Los Angeles has released a request for qualifications for a long-term lease of ten of its parking garages.

The request for qualifications, available on the city’s website, follows the City Council’s unanimous vote to proceed with the deal, aimed at improving service levels in the garages and raising money for the cash-strapped city.

At the moment, Chicago-based Loop Capital is acting as the city’s sole sell-side advisor on the deal, expected to raise between $200 million and $300 million on a 50-year lease of the parking garages.

Proceeds from the deal would likely be used to replenish Los Angeles’ reserve fund, after using approximately $95 million to pay off debt from some of the parking garages, according to a press release.

Reponses to the request are due 4 March and qualified bidders are expected to be selected by 12 March, according to a preliminary sale process schedule.

Transaction closing is expected by July, according to the schedule.