Laz starts $200M joint venture

Hartford-based Laz Parking Ltd. has formed a $200 million joint venture that it says will give it the equity needed to add to its parking real estate holdings across the country. Joining the venture are Laz executives with years of experience in national parking lot management groups. The 26-year-old company began with a single valet location in Hartford in 1981 and now operates more than 350 parking facilities in 14 states and 37 cities, including 20 parking lots in Hartford, alone. Laz employs 2,000 people and has $130 million in annual parking receipts. Laz did not say where it plans to look first for more parking spaces.