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The new owner, , an affiliate of Capmarj Bank, bought the 33-story tower for $29.5 million, said attorney William Rothschild, with law firm . Sutherland was representing the lender, Capmark Financial Group Inc., which was foreclosing on the Equitable Building. Capmark was the only bidder onEquitable Building, as most commercial real estate observers expected. Equitable's former owner, San Diego-basesd , paid about $57 millioh to acquire the buildingin 2007, but its valued plummeted to $42 million by earl 2009.
Equastone received 90 percent financingv from Capmark toacquire Equitable, but plans to stabilize the building's occupanchy and turn it into an income-producingh asset never materialized amid the worsyt commercial real estate crisis in 20 The tower -- designed by renownerd architectural firm -- has remained about half occupiesd this year. is managing and leasinb the building. It's expected to court the Fultob Countypublic defender’s office, which is seekin g at least a 50,000-square-foot lease The public defender's office was looking at the Equitabler Building, but the financial crisis facinyg the tower helped derail the move.
Rothschild was assistedr in the transactionby Sutherland'as Jason Kirkham.
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