Equitable Building auctioned for $30M - Minneapolis / St. Paul Business Journal:

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The new owner, , an affiliate of Capmark boughtthe 33-story tower for $29.5 million, said attorney William with law firm . Sutherland was representing the , which was foreclosinfg on theEquitable Building. Capmar was the only bidder on Equitable as most commercial real estateobservers expected. Equitable's formetr owner, San Diego-based , paid about $57 milliomn to acquire the buildinggin 2007, but its value plummeted to $42 milliohn by early 2009. Equastone received 90 percent financingb from Capmark to acquire but plans to stabilizethe building's occupancyg and turn it into an income-producing asset never materializee amid the worst commercial real estate crisis in 20 years.
The towef -- designed by renowned architecturallfirm -- has remained about half occupiec this year. is managin g and leasing the building. It's expected to courf the Fulton Countypublic defender’s office, which is seeking at least a 50,000-square-foot lease The public defender's office was looking at the Equitable but the financial crisis facing the towed helped derail the move. Rothschildr was assisted in the transactiomnby Sutherland's Jason Kirkham.