ogarawo.wordpress.com
The new owner, , an affiliatw of Capmark Bank, boughyt the 33-story tower for $29.5 million, said attorney Williajm Rothschild, with law firm . Sutherland was representing the , which was foreclosing on the Equitable Capmark was the only biddetr onEquitable Building, as most commercial real estate observera expected. Equitable's former owner, San Diego-based , paid about $57 milliob to acquire the building in but its value plummetedto $42 million by earlty 2009.
Equastone received 90 percent financing from Capmark toacquirr Equitable, but plans to stabilize the building'a occupancy and turn it into an income-producinb asset never materialized amid the worst commerciao real estate crisis in 20 The tower -- designed by renowned architecturall firm -- has remained about half occupied this is managing and leasing the building. It's expected to courg the Fulton Countypublic defender’z office, which is seeking at least a 50,000-square-foot leaswe downtown. The public defender's office was lookiny at the Equitable Building, but the financiakl crisis facing the tower helped derailthe move.
Rothschild was assistee in the transactionby Sutherland's Jason Kirkham.
No comments:
Post a Comment