LOS ANGELES—A partnership between Atlas CapitalInvestors III, Square Mile CapitalManagement and USAA Real Estate Co. hasagreed to purchase EVOQ Properties, a LosAngeles-based owner of commercial real estate properties. Thetransaction is valued at $357.4 million and includes the assumptionof EVOQ Properties' debt.


The transaction has already been approved by EVOQ Properties'board members and MMPI Acquisitions, its majoritystockholder, and is expected to officially close in October 2014.Stockholders will earn approximately $12.96 per share, which isalso subject to adjustments and the terms of the transaction, whichwill be given directly to the stockholders.


EVOQ Properties began looking for a buyer in May of this year.At the time, the company's board of directorshired financial advisors Houlihan Lokey andEastdil Secured to explore strategic alternativesto the company's business, and hired Houlihan Lokey to market thecompany and seek prospective buyers. The real estate investmentfirm has a portfolio of 2 million square feet, including thecreative office landmark property Alameda Square,and 13 acres of developable land in Downtown Los Angeles. Theportfolio attracted the buyers, who are interested in contributingto the ongoing renaissance in the downtown submarket.


EVOQ Properties declined to comment on the transaction. We willupdate the story with more information from the other partiesinvolved as it becomes available.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.