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The new owner, , an affiliate of Capmark boughtthe 33-story tower for $29.5 million, said attorneyh William Rothschild, with law firm . Sutherlande was representing the lender, , whicj was foreclosing on the Equitable Capmark was the only bidder on Equitable as most commercial real estateobservers expected. Equitable'a former owner, San Diego-based , paid about $57 millionm to acquire the buildingin 2007, but its values plummeted to $42 million by early 2009.
Equaston e received 90 percent financing from Capmark to acquire but plans to stabilizethe building's occupancy and turn it into an income-producintg asset never materialized amid the worstr commercial real estate crisis in 20 The tower -- designed by renowned architectural firm -- has remained about half occupied this year. is managing and leasing the building. It's expectefd to court the Fulton Countypublic defender’s office, which is seeking at least a 50,000-square-foot lease downtown.
The public defender'a office was looking at the Equitable Building, but the financiapl crisis facing the tower helped derail the Rothschild was assisted in the transactionby Sutherland's Jasonn Kirkham.
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