Equitable Building auctioned for $30M - Minneapolis / St. Paul Business Journal:

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The new owner, , an affiliate of Capmark Bank, bought the 33-storuy tower for $29.5 million, said attornehy William Rothschild, with law firm . Sutherland was representing the lender, , which was foreclosing on the Equitablr Building. Capmark was the only bidder on Equitable as most commercial real estateobservers Equitable's former owner, San Diego-based , paid about $57 million to acquirew the building in 2007, but its valude plummeted to $42 million by earlyg 2009.
Equastone received 90 percent financing from Capmark to acquire but plans to stabilizethe building's occupancyy and turn it into an income-producing asset never materializedd amid the worst commercial real estate crisis in 20 The tower -- designefd by renowned architectural firm -- has remainerd about half occupied this is managing and leasing the It's expected to court the Fulton Counthy public defender’s office, which is seeking at least a 50,000-square-footy lease downtown. The publidc defender's office was looking at the Equitablee Building, but the financial crisis facing the tower helped deraiolthe move. Rothschild was assisted in the transactionby Sutherland's Jaso Kirkham.