Business, Commercial Property

Atlanta’s Equitable building in foreclosure

From the AJC:

Downtown Atlanta’s Equitable building, an iconic 30-plus story office tower that once dominated the city’s skyline, has fallen into foreclosure.

A foreclosure notice said the 40-year-old skyscraper is scheduled to be auctioned on the Fulton County courthouse steps on May 5.

The building’s owners, Equastone 100 Peachtree LLC, owes $52 million on the mortgage to Capmark Bank, a Utah lender. San Diego-based Equastone bought the building in May 2007 for $56.8 million.

Some are saying that there is an impending crash in commercial real estate. This may be the first major property to fall in Atlanta.

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