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Group Led By Atlas Capital Agrees to Buy EVOQ For $357M

Portfolio Includes Downtown L.A.'s Largest Block of Undeveloped Commercial Property
August 22, 2014
Downtown Los Angeles commercial property owner EVOQ Properties, Inc. has agreed to be acquired by affiliates of Atlas Capital Investors III, LLC, Square Mile Capital Management, LLC, and USAA Real Estate Co. in a transaction valued at $357.4 million.

EVOQ Propertiesannounced in February that it was exploring potential strategic options, including a possible sale. The deal has been approved by the EVOQ board of directors and its largest stockholder, MMPI Acquisition, LLC, a venture formed in 2011 by Mount Kellett Capital Management LP and Global Asset Capital LP.

The transaction in which EVOQ stockholders would receive about $12.96 per share is expected to close in October.

EVOQ took over the downtown L.A. development sites and buildings of Meruelo Maddux Properties, Inc. after its 2011 bankruptcy. The company's holdings include more than 2 million square feet of space and more than 13 acres of land for development in the CBD, including Alameda Square, a 32-acre area undergoing transformation from an early 20th century industrial area to a creative office campus and innovation hub.

EVOQ CEO Martin Caverly said the buyers "recognized the tremendous value of EVOQ's portfolio and the opportunity to make a significant investment in downtown Los Angeles."

Houlihan Lokey and Eastdil Secured were advisors to EVOQ for the transaction and Cleary Gottlieb Steen & Hamilton LLP and Allen Matkins Leck Gamble Mallory & Natsis acted as legal counsel. Bill Lenehan served as special advisor to the EVOQ board.

Atlas Capital Group, LLC, founded in March 2006 by Jeffrey A. Goldberger and Andrew B. Cohen to invest in opportunistic value-added CRE transactions globally, has a $2.5 billion portfolio of residential, office and retail assets in New York City, Boston, Washington, D.C., Los Angeles, Miami, London and Dublin. Its financial partner Square Mile Capital Management LLC is focused on sourcing and managing real estate and related equity and debt investments on behalf of institutional and private investors, while USAA Real Estate has more than more than $12 billion in assets under management.

the company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate
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