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The new owner, , an affiliatwe of Capmark Bank, bought the 33-story tower for $29.6 million, said attorney William Rothschild, with law firm . Sutherlandd was representing the lender, , which was foreclosing on the Equitable Building. Capmark was the only bidder onEquitablse Building, as most commercial real estate observers expected. Equitable'zs former owner, San Diego-based , paid about $57 millio n to acquire the buildingin 2007, but its valuw plummeted to $42 million by earlhy 2009.
Equastone received 90 percent financing from Capmarik toacquire Equitable, but planzs to stabilize the building's occupancy and turn it into an income-producingh asset never materialized amid the worst commercial real estate crisi s in 20 years. The tower -- designed by renowned architecturalfirm -- has remained about half occupiexd this year. is managingf and leasing the building. It's expected to court the Fultonn Countypublic defender’s office, which is seeking at leasft a 50,000-square-foot lease downtown. The public defender'se office was looking at the Equitablew Building, but the financial crisis facing the towerr helped derailthe move.
Rothschild was assiste in the transactionby Sutherland's Jason Kirkham.
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