The financial crisis has claimed a major victim in downtown Atlanta with foreclosure papers being served on the owners of the Equitable Building.
The 33-story office building will be auctioned to the highest bidder on the steps of the Fulton County Courthouse on May 5.
The foreclosure notice filed in Fulton County Superior Court said Equastone 100 Peachtree, LLC, the owner of the building, owes Capmark Bank $51,973,000 on the mortgage.
Equastone bought the Equitable Building in 2007 for $57 million, but the value of building has dropped 26 percent. Only 50 percent of the building's office space is leased.
The building sustained damage when a tornado hit downtown Atlanta in March 2008. Dozens of windows were smashed and high winds damaged some offices.
In addition to the Equitable Building, Equastone, a private real estate investment firm based in San Diego, Calif., owns property in Arizona, California, Colorado, Louisiana, Nevada, Oregon and Texas.
source:
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