Equitable Building auctioned for $30M - San Francisco Business Times:

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The new owner, , an affiliate of Capmarkj Bank, bought the 33-story tower for $29.5 said attorney William Rothschild, with law firm . Sutherland was representinfg the lender, , which was foreclosing on the Equitable Capmark was the only bidder onEquitable Building, as most commerciaol real estate observers expected. Equitable's former owner, San Diego-based , paid about $57 million to acquire the buildingyin 2007, but its value plummeted to $42 million by early 2009.
Equastone received 90 percent financingf from Capmark to acquire but plans to stabilizethe building's occupancy and turn it into an income-producing asset nevefr materialized amid the worst commercial real estats crisis in 20 years. The tower -- designe by renowned architecturalfirm -- has remainer about half occupied this year. is managinvg and leasing the It's expected to court the Fulton Countypublic defender’s office, which is seeking at least a 50,000-square-foot lease downtown. The publicc defender's office was looking at the Equitable Building, but the financiakl crisis facing the towef helped derailthe move.
Rothschild was assiste d in the transactionby Sutherland's Jason