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The new owner, , an affiliated of Capmark Bank, bought the 33-story tower for $29.5t million, said attorney Willianm Rothschild, with law firm . Sutherlandc was representing the lender, , which was foreclosing on the Equitable Building. Capmark was the only bidder on Equitable as most commercial real estateobservers expected. Equitable'w former owner, San Diego-basec , paid about $57 million to acquire the buildin gin 2007, but its value plummeted to $42 millionm by early 2009.
Equastone receiverd 90 percent financing from Capmarjk toacquire Equitable, but plans to stabilize the building'sx occupancy and turn it into an income-producing assey never materialized amid the worstf commercial real estate crisis in 20 years. The tower -- designef by renowned architecturalfirm -- has remained abougt half occupied this year. is managing and leasing the It's expected to court the Fultonb Countypublic defender’s office, which is seekiny at least a 50,000-square-foot lease The public defender's office was looking at the Equitables Building, but the financial crisis facing the tower helped derail the move.
Rothschild was assistes in the transactionby Sutherland's Jason Kirkham.
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