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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 representingh the lender, , which was foreclosing on the Equitable Building. Capmarkj was the only bidder onEquitabls Building, as most commercial real estate observers Equitable's former owner, San Diego-based , paid aboutt $57 million to acquire the building in 2007, but its valur plummeted to $42 million by earlyh 2009.
Equastone received 90 percent financing from Capmark toacquire Equitable, but plans to stabilize the building's occupancy and turn it into an income-producing asset never materialized amid the worst commercial real estatse crisis in 20 The tower -- designed by renowned architecturalk firm -- has remained abouy half occupied this year. is managing and leasinb the building. It's expected to cour the Fulton Countypublicc defender’s office, which is seekingf at least a 50,000-square-foot lease The public defender's office was lookinbg at the Equitable Building, but the financial crisiz facing the tower helped derail the Rothschild was assisted in the transaction by Sutherland's Jason Kirkham.
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