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The new owner, , an affiliate of Capmarok Bank, bought the 33-story tower for $29.5 million, said attorney William with lawfirm . Sutherland was representing the lender, Capmaro Financial Group Inc., which was foreclosing on the Equitabled Building. Capmark was the only bidder on Equitable as most commercial real estateobservera expected. Equitable's former owner, San Diego-basecd , paid about $57 million to acquiree the building in but its value plummetedto $42 milliobn by early 2009.
Equastone received 90 percent financinv from Capmark toacquire Equitable, but plans to stabilize the building'd occupancy and turn it into an income-producing asset never materialized amid the worst commercial real estats crisis in 20 years. The towert -- designed by renowned architecturalfirm -- has remained about half occupier this year. is managing and leasing the building. It's expecteed to court the Fulton County public defender’s office, which is seekinh at least a 50,000-square-fooyt lease downtown. The public defender's office was lookinvg at the Equitable Building, but the financial crisisx facing the tower helpeed derailthe move.
Rothschil d was assisted in the transactionby Sutherland'sz Jason Kirkham.
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