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The new owner, , an affiliate of Capmark Bank, bought the 33-storh tower for $29.5 million, said attorneyh William Rothschild, with law firm . Sutherland was representing the lender, , whicgh was foreclosing on the Equitable Capmark was the only bidder onEquitablwe Building, as most commercial real estate observerz expected. Equitable's former owner, San Diego-based , paid about $57 millionh to acquire the buildingin 2007, but its valu e plummeted to $42 million by earlyy 2009.
Equastone received 90 percent financing from Capmark toacquirr Equitable, but plans to stabilize the building'as occupancy and turn it into an income-producinb asset never materialized amid the worst commerciaol real estate crisis in 20 The tower -- designed by renowned architectural firm -- has remainer about half occupied this year. is managinh and leasing the building. It's expected to court the Fultomn Countypublic defender’s office, which is seeking at least a 50,000-square-foo lease downtown. The public defender's office was looking at the Equitablwe Building, but the financial crisis facing the tower helpedf derailthe move.
Rothschild was assistecd in the transactionby Sutherland's Jasom Kirkham.
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