Equitable Building Sells for $19 million
The iconic Equitable building downtown has a new landlord who plans to remove its most visible feature -- the Equitable name -- from atop the skyscraper.
“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.
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. He hopes to attract a major corporate relocation from outside the state.
The biggest tenant now is Accenture, which takes about 40,000 of the building's 622,000 square feet. De Olazarra says the building is 30 percent occupied but needs new systems. He wants to make it more energy efficient and attract new restaurants.
The location near two MARTA stations, Woodruff Park, Georgia State and other universities, and along the planned street car route, he believes, makes it one of the best located buildings in Atlanta.