New York-based infrastructure investment firm Stonepeak Partners has agreed to purchase the remaining lease rights to Chicago's parking meter system for $2.5 billion, according to a company spokesperson. The deal represents one of the largest parking meter transactions in recent memory.

Chicago's parking meter infrastructure has been a contentious asset since the city's controversial 75-year lease agreement in 2008. That original deal privatized the meters and generated significant revenue for the city, though it faced criticism over rate increases. The system operates approximately 36,000 parking spaces across the city.

Private equity firms have increasingly targeted municipal infrastructure assets as stable, long-term investments. Parking meters offer predictable cash flows and inflation protection, making them attractive in volatile markets. Stonepeak's acquisition suggests continued appetite for urban infrastructure deals.

The transaction values each parking space at roughly $69,000, reflecting the premium investors place on regulated urban assets. This sale could influence other cities considering similar privatization arrangements.