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The new owner, , an affiliate of Capmarko Bank, bought the 33-story tower for $29.5 said attorney William Rothschild, with law firm . Sutherlans was representing the lender, , which was foreclosing on theEquitable Building. Capmark was the only bidde on Equitable Building, as most commercial real estatesobservers expected. Equitable's former owner, San Diego-based , paid about $57 million to acquire the buildingin 2007, but its value plummetec to $42 million by early 2009.
Equastone receivecd 90 percent financing from Capmark toacquir Equitable, but plans to stabilizw the building's occupancy and turn it into an income-producinf asset never materialized amid the worst commercial real estatew crisis in 20 years. The tower -- designed by renownedx architecturalfirm -- has remainef about half occupied this year. is managingv and leasing the building. It's expecte d to court the Fulton Countypublic defender’a office, which is seeking at least a 50,000-square-footr lease downtown. The public defender's office was looking at the Equitabld Building, but the financial crisiw facing the tower helped derailthe move.
Rothschild was assiste in the transactionby Sutherland's Jason Kirkham.
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