New Owner, New Name for The Equitable; 1400 Peachtree Follows
- Jul 11, 2011
Big changes are in store for the iconic Equitable building. The 622,000-square-foot skyscraper traded for $19 million this week, becoming Coconut Grove, Fla.-based America’s Capital Partners’ only Atlanta property. The 33-story building, constructed in the 1960s, was one of the first in the city to fall into distress, following a 2009 foreclosure. The former owner, an investment group, paid nearly $57 million for the high-rise back in 2007.
America’s Capital plans on investing another significant amount to modernize the building and make it more energy efficient, hoping to attract a major corporate relocation from out of state, according to the Atlanta Journal-Constitution. The building will also get a new name, being rebranded by its address, 100 Peachtree, although that might change if it manages to land a new anchor tenant. Currently, the building is 30 percent leased, with the biggest tenant being Accenture, occupying nearly 40,000 square feet. Georgia State University had plans of buying the property but did not do so for reasons it did not disclose.
Another “Peach,” the 1400 Peachtree site, was recently bought by an affiliate of Dewberry Capital Corp. for $6 million. The 1.7-acre site is an important addition for Dewberry, which successfully outbid many other investors last year for The Campanile building. For the past three years, Dewberry Capital has made visible efforts to expand its Midtown real estate holdings, with 1400 Peachtree standing as the most recent example. Seller United Community Bank foreclosed on the property in January for $12 million, while in 2006 the site fetched $17.7 million.
Previous plans for the site included Shailendra Group L.L.C.’s project to build the tallest building in Atlanta and another plan that resembled the dual-towered Time Warner Center, but none moved forward due to the economy’s downturn.