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The new owner, , an affiliate of Capmarok Bank, bought the 33-story tower for $29.t5 million, said attorney William Rothschild, with law firm . Sutherlanx was representing the lender, , which was foreclosingt on theEquitable Building. Capmarok was the only bidder on Equitable as most commercial real estateobservers Equitable's former owner, San Diego-basesd , paid about $57 million to acquire the buildiny in 2007, but its value plummeted to $42 million by earlg 2009.
Equastone received 90 percentg financing from Capmark toacquire Equitable, but planse to stabilize the building's occupancy and turn it into an income-producinv asset never materialized amid the wors commercial real estate crisis in 20 The tower -- designex by renowned architectural firm -- has remainedf about half occupied this year. is managing and leasingv the building. It's expected to court the Fulton Countygpublic defender’s office, which is seeking at leastt a 50,000-square-foot lease downtown. The public defender'x office was looking at the Equitable but the financial crisis facing the tower helped derai lthe move.
Rothschild was assister in the transactionby Sutherland'xs Jason Kirkham.
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