LOS ANGELES—EVOQ Properties may be seeking a buyer. The company’s board of directors has hired financial advisors Houlihan Lokey and Eastdil Secured to explore strategic alternatives to the company’s business, and has hired Houlihan Lokey to market the company and seek prospective buyers. EVOQ Properties will continue to operate as usual during this financial evaluation.
“The EVOQ portfolio is positioned to take advantage of the remarkable revitalization of Downtown Los Angeles,” says Martin Caverly, EVOQ Properties CEO. “The company’s holdings are located in the most dynamic downtown submarkets allowing EVOQ to capitalize on the significant ongoing investment in downtown, as well as new trends in next-generation creative office and industrial space in the Greater Los Angeles area.” At the end of last year, EVOQ Properties had a $36.7 million in cash.
EVOQ has a portfolio of two million rentable square feet and 13 acres of developable land, all in the downtown market. The portfolio includes the massive 32-acre Alameda Square. Located in the art and fashion districts, the property is largest single block of space in the downtown market, and has some major retail and fashion tenants. In December, Aeropostale brand GoJane signed a 7-year lease for a 10,400-square-foot space to serve as the company’s headquarters location.
“The EVOQ Board of Directors and management team are committed to maximizing shareholder value,” adds Caverly. “Authorizing a marketing of the company for sale demonstrates our commitment to achieving this important objective.” The company is not able to disclose any other information or developments during this process.