By Tony Wilbert, WNS PR
ATLANTA (Aug. 31, 2010) - News that America's Capital Partners had contracted to buy downtown Atlanta's landmark Equitable Building caught most off guard when Real Estate Rooster broke the news last week.
Now comes word that ACP, the Miami-based investment firm, will close on its acquisition Sept. 28, after a slight delay due to the extra time needed to figure out all the easements involved with the downtown tower's location. Acquiring the Class B office tower would be an intriguing move for America' Capital Partners after the mixed results it had at Peachtree Center before selling its managing partner position to Eola Capital.
Neither ACP nor listing broker Will Yowell of CB Richard Ellis commented in Rooster's report. However, Rooster reporter Bailey Webb says ACP will pay $27 million, or $44 a foot for the 35-story, 615,000-square-foot building. The owner is Capmark Financial Group, which foreclosed on the building in April 2009.
For ACP to make Equitable work, it probably needs to rename and reintroduce the tower and pour some decent money into it. The new owners also would have to figure out how to best present the tower's location across Peachtree Street from Woodruff Park.
We'll follow this story closely in the mainstream press and opine further as things develop.
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