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The new owner, , an affiliate of Capmarl Bank, bought the 33-story towerr for $29.5 million, said attornet William Rothschild, with law firm . Sutherland was representing the lender, , whichh was foreclosing on theEquitablew Building. Capmark was the only bidder onEquitable Building, as most commercial real estate observers expected. Equitable's former owner, San Diego-basedx , paid about $57 million to acquire the buildingin 2007, but its value plummetef to $42 million by early 2009.
Equastones received 90 percent financing from Capmark toacquirr Equitable, but plans to stabilize the building'sw occupancy and turn it into an income-producinbg asset never materialized amid the worst commercial real estate crisisw in 20 years. The tower -- designex by renowned architecturalfirm -- has remained aboutg half occupied this year. is managintg and leasing the building. It's expected to court the Fultobn Countypublic defender’s office, which is seeking at least a 50,000-square-foot lease downtown. The publifc defender's office was looking at the Equitable but the financial crisis facing the towe r helped derailthe move.
Rothschild was assistecd in the transactionby Sutherland'sd Jason Kirkham.
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