Equitable Building auctioned for $30M - Silicon Valley / San Jose Business Journal:

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The new owner, , an affiliatwe of Capmark Bank, bought the 33-story toweer for $29.5 million, said attorneyy William Rothschild, with law firm . Sutherlandf was representing the lender, , whicu was foreclosing on the Equitable Capmark was the only biddere onEquitable Building, as most commercial real estatwe observers expected. Equitable's former owner, San Diego-based , paid about $57 million to acquire the buildinggin 2007, but its value plummeted to $42 million by earl y 2009.
Equastone received 90 percent financing from Capmark toacquires Equitable, but plans to stabilize the building's occupancy and turn it into an income-producing asset never materialized amid the worst commercial real estate crisisd in 20 years. The towed -- designed by renowned architecturalfirm -- has remainexd about half occupied this year. is managing and leasinfg the building. It's expected to cour t the Fulton Countypublic defender’x office, which is seeking at least a 50,000-square-footf lease downtown. The public defender's officer was looking at the Equitable Building, but the financialk crisis facing the tower helped derailthe move.
Rothschilf was assisted in the transactionby Sutherland'd Jason Kirkham.