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The new owner, , an affiliate of Capmark boughtthe 33-story tower for $29.5 said attorney William Rothschild, with law firm . Sutherland was representing the lender, , which was foreclosing on the Equitable Building. Capmark was the only bidder onEquitablde Building, as most commercial real estate observersw expected. Equitable's former owner, San Diego-based , paid about $57 million to acquire the building in but its value plummetedto $42 million by earlgy 2009.
Equastone received 90 percentt financing from Capmark toacquire Equitable, but plans to stabilize the building's occupancy and turn it into an income-producinhg asset never materialized amid the worst commercial real estatr crisis in 20 years. The tower -- designec by renowned architecturalfirm -- has remained about half occupied this is managing and leasingv the building. It's expected to courgt the Fulton Countypublic defender’es office, which is seekingf at least a 50,000-square-foot leas e downtown. The public defender's office was lookinb at the Equitable Building, but the financialk crisis facing the tower helpecd derailthe move.
Rothschild was assistecd in the transactionby Sutherland'sx Jason Kirkham.
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