As urban transportation continues to change, QIC, a global diversified alternative investment firm, and Northeastern University have entered into a 50-year partnership providing for QIC’s investment in the University’s campus-wide parking system and potential future mobility services. Under the agreement, QIC Global Infrastructure has formed MasParc and Mobility (MasParc), a new company that will oversee all aspects of the parking system at Northeastern, a large, urban university in the heart of Boston, Massachusetts, with enrolment of approximately 26,000 students.
This agreement is the first of its kind for a private university in the United States. It is also the first agreement to provide for the future development of technology-enabled mobility solutions, as needed, such as an intermodal connectivity platform, in line with providing mobility-as-a-service based on commuters’ travel needs. This will enable MasParc to cater to the campus’s changing transportation needs over time.
Following an agreed upon transition period, MasParc will assume responsibility for management of the parking permit system, commuter assistance, event parking management, and parking facility maintenance, including major renovations. With a focus on customer service, MasParc’s plans include investing in major technology upgrades and integrating mobile technologies into its services. These initiatives will be designed to enhance the customer experience while benefitting the environment and the broader University community.
Ross Israel, head of QIC Global Infrastructure, said, “We are proud to be working closely with Northeastern University, leveraging our transport infrastructure experience to build the long-term value of this system and empower the customers who use it. By doing so, we will create enduring benefits for the University and its community, including through the potential implementation of enhanced mobility services. We believe the energizing nature of mobility-as-a-service will be a powerful platform for optimizing new and existing infrastructure and technological developments to improve the commuter experience.”
Tom Nedell, CFO of Northeastern University, commented, “With its collaborative approach and expertise in managing infrastructure at institutions of higher learning, QIC is the ideal partner to lead the management of our parking and mobility services system. This partnership ensures an effective, flexible transportation system that addresses the needs of our campus and is highly responsive to our commuters while directing meaningful resources to our core education mission.”
Brian Delaney, senior managing director, U.S. for QIC, said, “Forming MasParc in partnership with Northeastern University represents an important step in expanding our infrastructure platform in the U.S. As we continue to grow our U.S. portfolio, we remain focused on delivering sound investment opportunities in core U.S. sectors for our clients.”
As a result of the agreement, Northeastern University has received an upfront capital commitment from QIC that will allow the University to support its education mission and priorities of globalization and innovation in higher education and research.
MasParc is QIC’s second parking partnership in the United States. In 2012, QIC formed CampusParc, which operates all aspects of The Ohio State University’s parking system, through a 50-year agreement. Now in its seventh year, CampusParc continues to operate one of the largest university parking systems in the United States.