LOS ANGELES—An investor group led by Atlas Capital and Square Mile Capital Management has completed the purchase of EVOQ Properties. In an earlier story, GlobeSt.com reported that the investment group, which includes Atlas Capital Investors III, Square Mile Capital Management and USAA Real Estate Co., agreed to purchase the company in a transaction valued at $357.4 million, which includes the assumption of EVOQ Properties' debt.
EVOQ Properties has a portfolio of 2 million rentable square feet and 13 acres of developable land, all in the downtown market. It includes the 32-acre Alameda Square, which is the largest single block of space in the submarket. This acquisition positions the buyers to take advantage of the revitalization in Downtown Los Angeles. Despite its notable portfolio, EVOQ Properties had $36.7 million in the bank at the end of last year.
EVOQ's stockholders have received their merger consideration in exchange for their shares. Stockholders reportedly earned approximately $12.96 per share prior. Neither party responded to a request for comment on the closing of the transaction.
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Kelsi Maree Borland
