Morgan Stanley's consortium has signed a deal to sell its 75-year lease on Chicago's parking meters to Stonepeak, Mayor Brandon Johnson's office announced. The agreement, subject to City Council approval, advances a transfer process initiated by Chicago Parking Meters LLC. Terms were not disclosed.

This transaction concludes a controversial two-decade saga. The original 2008 sale to the Morgan Stanley-led group, including Allianz and Abu Dhabi Investment Authority, fetched $1.15 billion but drew lasting criticism for steep rate hikes—from $3 to $7 per hour—and profit-taking from public assets.

Johnson's administration had earlier walked away from a $3.2 billion buyout bid. The current deal allows the city to shed a politically toxic asset while the sellers, having already recouped their investment, exit less than 20 years into the lease, which extends to 2084.

The sale underscores how infrastructure privatizations from the Great Recession era continue to reshape. City Council review this week will determine the final transfer price and conditions for this landmark municipal asset.