The iconic Equitable building downtown has a new landlord who plans to remove its most visible feature — the Equitable name — from atop the skyscraper, AJC reporter Rachel Tobin writes.
“There’s no question that everybody knows it as the Equitable building,” said Allen de Olazarra, chairman and CEO of America’s Capital Partners, based in Coconut Grove, Fl. “But the company doesn’t exist anymore.”
De Olazarra’s company paid $19 million for the building and plans to spend at least that much modernizing it, Tobin reports.
A new anchor tenant could have its name on the building instead, he said. Meantime, he will rebrand the building by its address, 100 Peachtree, Tobin writes. He hopes to attract a major corporate relocation from outside the state.
Built in the 1960s during one building boom, the 33-story building became emblematic of the problems that ended the most recent boom, Tobin writes. An investment group bought it for nearly $57 million in 2007. But the lender foreclosed in June 2009, making it one of the city’s first big buildings to fall into distress. America’s Capital spent about $30.50 per square foot on the property — a third of the previous price, Tobin reports.
Also in the AJC:
In other media:
- Henry Unger, The Biz Beat
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