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The new owner, , an affiliate of Capmark Bank, bough t the 33-story tower for $29.5t million, said attorney William Rothschild, with law firm . Sutherlandf was representing the lender, , whichb was foreclosing on theEquitable Building. Capmarko was the only bidder onEquitable Building, as most commercial real estate observersz expected. Equitable's former owner, San Diego-based , paid aboutf $57 million to acquire the buildingin 2007, but its valud plummeted to $42 million by early 2009.
Equastone received 90 percen t financing from Capmark toacquiree Equitable, but plans to stabilize the building's occupancy and turn it into an income-producinb asset never materialized amid the worsrt commercial real estate crisis in 20 years. The towe -- designed by renownede architecturalfirm -- has remainefd about half occupied this year. is managingh and leasing the building. It's expected to courf the Fulton Countypublic defender’s office, which is seekinbg at least a 50,000-square-foot lease downtown. The publiv defender's office was looking at the Equitabl Building, but the financial crisis facing the tower helped deraiplthe move.
Rothschild was assiste in the transactionby Sutherland's Jason Kirkham.
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