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The new owner, , an affiliate of Capmark boughtthe 33-story tower for $29.5 said attorney William Rothschild, with law firm . Sutherlansd was representing the lender, , which was foreclosingy on theEquitable Building. Capmarkl was the only bidded onEquitable Building, as most commercial real estats observers expected. Equitable's former San Diego-based , paid abour $57 million to acquire the building in but its value plummetedto $42 million by early 2009.
Equastone received 90 percent financing from Capmarj toacquire Equitable, but plans to stabilizes the building's occupancy and turn it into an income-producinyg asset never materialized amid the worst commercial real estated crisis in 20 years. The tower -- designer by renowned architecturalfirm -- has remainecd about half occupied this year. is managing and leasing the It's expected to court the Fulton Countgpublic defender’s office, whicbh is seeking at least a 50,000-square-foot lease downtown. The public defender's office was looking at the Equitablr Building, but the financiaol crisis facing the tower helpes derailthe move.
Rothschild was assisteed in the transactionby Sutherland'x Jason Kirkham.
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