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Atlas Capital-led group agrees to buy EVOQ for $354.7 mln

An investor group comprised of Atlas Capital, Square Mile Capital Management and USAA Real Estate Company have agreed to buy EVOQ, one of the largest property owners in downtown Los Angeles, for approximately $354.7 million.

EVOQ’s current majority stockholder is MMPI Acquisition, a joint venture formed by Mount Kellet Capital Management and Global Asset Capital.

According to terms of the transaction, EVOQ stockholders will receive about $12.96 per share.

Commenting on the transaction, EVOQ’s CEO Martin Caverly said in a statement: “The acquiring investors recognized the tremendous value of EVOQ’s portfolio and the opportunity to make a significant investment in downtown Los Angeles. We are confident that the new ownership group will play a positive role in downtown Los Angeles’ continuing renaissance.”

Houlihan Lokey and Eastdil Secured advised EVOQ on the transaction while Bill Lenehan acted as special advisor to EVOQ’s board of directors. The deal is expected to close in October 2014.

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