Developer Evoq Properties Considering Sale of BusinessOriginally published February 26, 2014 at 3:15 p.m., updated February 26, 2014 at 2:09 p.m.
Downtown L.A. developer Evoq Properties Inc. announced today that it was exploring “strategic alternatives,” including a possible sale of the company.
The company, which trades on the Over-the-Counter Pink Sheets, hired financial advisors Houlihan Lokey and Eastdil Secured to assist the board of directors in evaluating options. Jeffrey Altman and Stephen Somer, managing directors at Houlihan and Eastdil, respectively, will lead the review for their firms.
The board of Evoq, formerly Meruelo Maddux Properties Inc., has also authorized Houlihan to begin a full marketing campaign to solicit acquisition proposals.
Martin Caverly, chief executive of Evoq, said that authorizing marketing efforts to sell the entire company demonstrates the company’s commitment to investors.
“The Evoq board of directors and management team are committed to maximizing shareholder value,” he said in a statement.
One of the largest property owners in downtown, Evoq’s portfolio includes more than 2 million square feet of leasable space and more than 13 acres of developable land. The company’s most prized property, the 32-acre creative office campus known as Alameda Square, is home to clothing manufacturer American Apparel and represents the largest contiguous block of space in downtown.
As of Dec. 31, Evoq had approximately $36.7 million in cash on its balance sheet.
Shares of Evoq were up nearly 10 percent to $7.80 on the Pink Sheets.