SP Plus Corporation

SP Plus Corporation, a publicly traded parking facility management and transportation services company headquartered in Chicago, Illinois, operates as a prime contractor delivering parking space leasing, garage management, and parking facility operations to 107 civilian federal agencies, with no SBA set-aside designations and no subcontractor engagement in its federal delivery model. The corporation operates primarily through its own workforce and maintains a named subsidiary, Central Parking Corporation.

SP Plus dominates the federal parking-and-leasing market through an extreme concentration on two core capabilities: parking lot and garage operations (491 of 941 awards, under NAICS 492110) and nonresidential building leasing (378 awards, under NAICS 531110). The company's federal footprint is almost entirely composed of small-dollar, recurring purchase orders and blanket purchase agreement calls ranging from thousands to roughly $2 million per task order. Representative work includes a $1.78 million BPA call to the Bureau of Engraving and Printing for parking management at the Washington, D.C. facility (awarded January 2025), a $1.94 million purchase order to the Department of the Interior Fish and Wildlife Service for employee parking at headquarters in Falls Church, Virginia (July 2023), a $587 thousand USDA lease for 145 parking spaces in Washington, D.C. (July 2023), and a $562 thousand definitive contract with the Treasury's United States Mint for third-shift employee parking in Philadelphia (January 2023). Activity has declined from 19 awards in 2021 to six through May 2025, and only three awards (combined potential value $3.7 million) face ultimate completion within the next twenty-four months, indicating minimal recompete exposure in the near term.

Customer concentration is severe. The top five agencies by award count account for 22% of all awards but anchor the customer base: the General Services Administration Public Buildings Service Central Office Office of Leasing leads with 78 awards valued at $77 million combined potential value, followed by the Internal Revenue Service (46 awards, $475 thousand), the Drug Enforcement Administration (41 awards, $164 thousand), the Federal Detention Center Philadelphia (26 awards, $4 million), and the U.S. Attorney's Offices (19 awards, $302 thousand). By potential value, GSA dominates at $77 million (45% of combined potential across the portfolio), with the Bureau of Engraving and Printing a distant second at $15.3 million. The dollar concentration is even more extreme: GSA's $77 million in combined potential represents one-third of the entire $232.2 million portfolio.

SP Plus holds positions on five Basic Ordering Agreements (BOAs) issued by GSA, each supporting multiple task orders. The largest vehicles by combined potential value are BOA GS02B23519 (37 task orders, $78.8 million combined potential), BOA GS07B16067 (67 task orders, $29.1 million), BOA GS08B13967 (74 task orders, $21.8 million), BOA GS05B17601 (72 task orders, $14.9 million), and BOA GS03B05386 (68 task orders, $9.5 million). These GSA vehicles are the operational backbone of SP Plus's federal practice. The corporation also holds a single-award $2.8 million BPA with the Bureau of Engraving and Printing for parking services through November 2026 and a $657 thousand BPA with the Department of Veterans Affairs' Veterans Integrated Service Network 12.

Service Contract Inventory reporting shows SCI-reportable invoiced revenue of $2.2 million in FY2022, $1.6 million in FY2023, and $1.5 million in FY2024, with roughly 8.5 to 13.8 FTEs performing SCI-reportable work across those years. The SCI dataset represents a strict subset of SP Plus's federal services activity and does not capture the bulk of the company's parking-and-leasing awards, which are goods or lease transactions below the $150,000 reporting threshold. Government-paid hourly rates on SCI-reportable prime contracts ran from $11.48/hr at the tenth percentile to a median of $69.10/hr and $119.46/hr at the ninetieth percentile. SP Plus self-performed all reported SCI hours with zero subcontractor engagement on prime contracts.

SP Plus competes exclusively in full-and-open procurements with no set-aside utilization across its 940 prime awards. The company is operationally a sole provider of parking and facility-leasing services — it does not manufacture, integrate, or subcontract material work; it operates parking facilities and leases space on behalf of the federal government. Federal awards account for a meaningful but not dominant share of the enterprise: GSA BOAs and Treasury BEP contracts together represent approximately $95 million in combined potential value, yet the company operates publicly traded with a broad commercial real-estate and parking portfolio extending well beyond the federal footprint.