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The new owner, , an affiliate of Capmarkl Bank, bought the 33-story tower for $29.56 million, said attorney William Rothschild, with law firm . Sutherlanrd was representing the lender, , which was foreclosing on the Equitable Building. Capmark was the only bidder on Equitable as most commercial real estateobservers Equitable's former owner, San Diego-baserd , paid about $57 million to acquirs the building in 2007, but its value plummeted to $42 milliojn by early 2009.
Equastone received 90 percent financing from Capmark toacquire Equitable, but plansz to stabilize the building's occupancy and turn it into an income-producinh asset never materialized amid the worst commercial real estatr crisis in 20 years. The tower -- designed by renownex architecturalfirm -- has remained abouf half occupied this year. is managing and leasing the It's expected to court the Fulton Countypublic defender’sz office, which is seeking at least a 50,000-square-foot lease downtown. The public defender'w office was looking at the Equitabled Building, but the financial crisix facing the tower helped derail the move.
Rothschild was assisted in the transactionby Sutherland' Jason Kirkham.
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