Meruelo Maddux Properties Inc., one of downtown L.A’s largest commercial landlords, on Tuesday said that it has changed its name to EVOQ Properties Inc., effective immediately.
EVOQ has holdings in industrial, office, retail, residential, and mixed-use real estate, with more than 35 properties, or 3.5 million square feet, under ownership.
Meruelo Maddux, which struggled during the commercial real estate downturn, filed for Chapter 11 in September 2009. It completed its reorganization last July and appointed 20-year real estate veteran Martin Caverly as chief executive officer. He replaced company founder Richard Meruelo, who still controls 45 percent of shares.
“Today’s unveiling of the EVOQ name, which reflects our new team culture and potential for growth at this innovative company, marks a significant milestone,” said Caverly in a statement. “With fresh capital and new senior management, the EVOQ Properties platform is well-positioned to adapt to this continued growth and the needs of our clients.”
The company’s new stock ticker symbol is EVOQ. Shares were up 35 cents, or 14 percent, to $2.90 in midday trading on the Pink Sheets.