Buyer betting on downtown with Equitable purchase

[ironchapman]

Found this article while perusing the news today. It's from Wednesday, but still....

Buyer betting on downtown with Equitable purchase

With its $56.8 million purchase of the Equitable building, San Diego-based Equastone Real Estate Investment Advisors announced its confidence in the area, which commercial real estate analysts say significantly trails Midtown, Buckhead and the Central Perimeter in terms of occupancy.

The 33-story, 625,000-square-foot Equitable building is between 55 percent and 59 percent occupied, said Jeff Schindler, chief investment officer for Equastone.

[Kenneth Disraili-Jean]

Found this article while perusing the news today. It's from Wednesday, but still....

<a href="http://www.dailyreportonline.com/Editorial/News/new_singleEdit.asp?individual_SQL=5%2F31%2F2007%4013549_Public_.htm" target="_blank">Buyer betting on downtown with Equitable purchase

</a>

This could be great news for the Downtown office market if it all works out.

Among the things they talk about doing is a $4 million renovation of common areas like the main entrance & lobby and the elevators. I'd be interested to see what their plans are for the area.

Lots of interesting stuff in that article.

[Kenneth Disraili-Jean]

The Equitable Building designed by world renouned architectural firm Skidmore Owings and Merrill opened in 1970 to much fanfare. The building has been an Atlanta landmark ever since.

The new owners saw a need to start with the tenants first and foremost. The first thing done was a HVAC system, then a new power system, this is all behind the scenes. Then the new owners saw a need to bring the tower back to its origional modern, retro 70's look. So new ceilings, lights, floors, glass, and escalators were installed in the two story lobby and all common areas. New chrome furniture and thousands of dollars of art were added. It is an investment in Five Points that has been much needed. Equastone is the newest owner. So I assume they are going to do even more cosmetic applications to the building. But the renovations I am speeking of were done over a year ago, according to the Atlanta Business Chronical.

[GRguy]

Photos, anyone?

[Kenneth Disraili-Jean]

Photos, anyone?

[JerseyBoy]

I think he possibly meant photos of the renovation.

[Kenneth Disraili-Jean]

I think he possibly meant renderings.

[JerseyBoy]

I like the Equitable building very much. While it may only be a mere box it just has that "character" to it that you don't get in many new buildings today.

[Kenneth Disraili-Jean]

I like the Equitable building very much. While it may only be a mere box it just has that "character" to it that you don't get in many new buildings today.