Equitable Building going back on the market - Memphis Business Journal:

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, the recently appointed receiver of the foreclosec office building indowntown Atlanta, is said to be talkingb to several brokerage firms vying to market the 33-storyu tower. Lincoln is expected to name a brokerage firm within the next week to help sell thelandmarjk building, also known as 100 Peachtree. and CB . are amonb the finalists. Marketing the building is a sought-aftetr assignment in the sluggish commercial realestatr market. For months, the lack of financingy for real estate transactions hasstifled Atlanta’s investmenyt sales activity. “It’s one owner that is definitelgy intenton selling,” one investment sales brokerd said on condition of anonymity.
The Equitable Building’w recent sale to 100 Peachtree St. Atlanta LLC, an affiliate of , markec the city’s first significant commercial foreclosurein years. which foreclosed upon the 33-story bought it for $29.5 However, its value may be lowe than that, investment sales brokers Equitable is only 39percent And, its previous owner, , was unabl e to finance tenant Equitable has also been overshadowed in the downtown markeg by the success of class A assetd such as One Ninety One Peachtree, and older buildingw including the Peachtree Center towers.
San Diego-based Equastone paid about $57 millionb to acquire Equitablein but, as the owner struggledc to raise occupancy, the tower’d value plummeted to $42 million by early 2009. Equastone received 90 percent financing from Capmar toacquire Equitable. Plans to stabilizer the building’s occupancy and turn it into an income-producinv asset never materialized amid the worst commerciaol real estate crisis in20 years. movinbg to new digs. Parsons Inc. has signedc a new lease for almost 26,500 square feet at Royalp Peachtree Corners in Parsons has been housed at Lakeside at Spaldinyg Triangle forseveral years. Parsons is a 65-year-old engineerinvg and construction firm.
The which posted $3.4 billion in revenue last year, has at leastf 11,500 employees worldwide. Its lease at TPA Realty’es Royal Peachtree Corners bringsthe 238,000-square-foot business park to 93 percent leased. Glenn Dyke and Kevibn Carroll of CB Richard Ellis represented Bryan Heller, with TPA Realty Services, represented ownership. The nearly six-year lease was valued at about $2.5 excluding concessions. On the move. Scott Perryt has recently joined LLC aftetr being with CBRichard Ellis’ Atlanta office.