EVOQ Properties Announces Sale of Desmond Building in Downtown Los Angeles

Before you go, we thought you'd like these...
Before you go close icon

EVOQ Properties Announces Sale of Desmond Building in Downtown Los Angeles

LOS ANGELES--(BUSINESS WIRE)-- EVOQ Properties, Inc. (OTC - EVOQ.PK), a publicly owned real estate firm headquartered in Downtown Los Angeles, today announced the disposition of the Desmond Building, located at 425 West 11th Street in Los Angeles.


Total gross proceeds from the sale were $16.25 million. A portion of the net proceeds was used for general corporate purposes and additional leasing costs at other company properties.

"Capital from this sale will enable us to continue focusing on our core assets, including Alameda Square, in Downtown Los Angeles. Investing in improvements to those properties will attract creative companies that are looking for a unique space at the cross-section of the burgeoning arts and fashion hubs in Los Angeles," said Martin Caverly, CEO of EVOQ Properties.

About EVOQ Properties Inc.

EVOQ is one of the largest property owners in downtown Los Angeles, with holdings in industrial, office, retail, residential, and mixed-use real estate. For additional information on EVOQ and its properties, please visit the Company's website at EvoqProperties.com.

Forward Looking Statements

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.



For EVOQ Properties
Christie Ly
Mobile: 917-617-2437
christiely3@gmail.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

The article EVOQ Properties Announces Sale of Desmond Building in Downtown Los Angeles originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners