It’s something that Atlanta’s commercial real estate market hasn’t seen in quite some time-the foreclosure of a trophy office tower. Even more unusual, according to real estate lawyers, is the appointment of a receiver to seize control of the building.
That’s what has happened with the Equitable Building, a landmark 33-floor downtown office tower. The building’s lender, Capmark Bank, on April 8 foreclosed on the building’s borrower, Equastone LLC, which defaulted on about $52 million in debt obligations. Capmark plans to auction the Equitable Building on the steps of the Fulton County Courthouse on Tuesday.
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