THERE'S EQUITY FOR THE EQUITABLE

News broke late yesterday that Americas Capital Partners has purchased one of Downtown Atlanta's more  iconic office towers, the Equitable Building.
 
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."
 
 

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

The Geo Group To Reopen 2,329-Bed Immigration Facility In Texas

What's At Stake For CRE In Tuesday's U.S. Midterm

Dan Wagner To Head Lee & Associates In Atlanta: The Atlanta Deal Sheet

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Gwinnett Mall Project Stands To Benefit From Georgia's Opportunity Zone Picks

Georgia's Utility Board Race Could Reshape Nearly 20 GW Pipeline Of Data Centers

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown

Auto Retailer Completes Hennessy Acquisition: The Atlanta Deal Sheet

Denver Public Schools' $11M Centennial Hall Purchase Marks Rare Land Sale For ULC