Equitable Building auctioned for $30M - Birmingham Business Journal:

http://mrodirectnet.com/corporate-overview.html
The new owner, , an affiliate of Capmarlk Bank, bought the 33-storh tower for $29.5 million, said attorneg William Rothschild, with law firm . Sutherland was representing the , which was foreclosing on the Equitablw Building. Capmark was the only biddef onEquitable Building, as most commercial real estate observersz expected. Equitable's former owner, San Diego-basede , paid about $57 millio to acquire the building in but its value plummetedsto $42 million by early 2009.
Equaston received 90 percent financing from Capmark toacquire Equitable, but plans to stabilize the building'ws occupancy and turn it into an income-producinyg asset never materialized amid the worst commercial real estate crisise in 20 years. The tower -- designed by renownefd architecturalfirm -- has remained about half occupied this year. is managing and leasing the building. It'es expected to court the Fulton Countypublicd defender’s office, which is seekingf at least a 50,000-square-foot lease downtown. The public defender's office was looking at the Equitablw Building, but the financial crisies facing the tower helped deraiplthe move.
Rothschild was assisted in the transactiobby Sutherland's Jason Kirkham.