News
THERE'S EQUITY FOR THE EQUITABLE
July 7, 2011
| News broke late yesterday that Americas Capital Partners has purchased one of Downtown Atlanta's more iconic office towers, the Equitable Building. | |||
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| Florida-based ACP purchased the 622k SF tower for $19M, or more than $30/SF, company officials say. The new owners plan to invest another $20M in renovations for energy efficiency and other works. At that price, many CRE pros say ACP will be able to compete on price for tenants in the market. City Realty's Tim Holdroyd says this ACP purchase is a "signficant" play for Downtown Atlanta. "While the building has its own specific problems, the price paid reflects the continuing downward pressure on office building values in a soft market with no job growth." | |||
