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Equitable Building (Atlanta)
Encyclopedia
The Equitable Building is a 35-story, 453 foot (138 m) tall office building in Atlanta, Georgia
, located at 100 Peachtree Street
in the Fairlie-Poplar
neighborhood in downtown Atlanta
. A typical example of an International-style
skyscraper, the building was designed by Chicago-based architectural firm Skidmore, Owings and Merrill
, and was constructed in 1968 on the site of the former Piedmont Hotel
.
Its location is next to the historic Flatiron Building
across Peachtree Street to the east, and the historic Rhodes-Haverty Building
across Williams Street
to the northeast. It is also bounded by Forsyth Street on the northwest, and Luckie Street on the southwest. Woodruff Park
is just across Broad Street to the south, and that intersection
and pedestrian
plaza
would be where the future Peachtree Streetcar lines intersect.
The building was owned by Equitable Life Assurance Society
from 1968 to 1997, when it was sold to Chicago-based LaSalle Advisors for almost $36 million. In 2007 it was purchased by Equastone
100 Peachtree LLC for 57 million.
Due to the late-2000s recession, the value of the building has dropped by more than 25%, and the building is 50% vacant. As of April 2009, the building was in foreclosure
, and was to be auction
ed on May 5. Equastone owed 52 million dollars to Capmark Bank, and thus was upside-down
on its mortgage
.
On June 2, 2009 the building was put up for auction in Atlanta. The only bid
der, 100 Peachtree Street Atlanta LLC, an affiliate of Capmark Bank, bought the building for $29.5 million.
The Atlanta Business Chronicle reported in late January 2010 that Georgia State University
may be interested in buying the building and its parking deck, to accommodate a growing enrollment
now over 30,000 student
s.
The Atlanta Journal Constitution reported in May 2011 that Georgia State University
was negotiating to purchase the building to house its renowned J. Mack Robinson School of Business and provide much-needed office space. On July 6, 2011, the Atlanta Journal Constitution reported that the building had been purchased by Florida based America's Capital Partners for $19 million.
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
, located at 100 Peachtree Street
Peachtree Street
Peachtree Street is the main street of Atlanta. The city grew up around the street, and many of its historical and municipal buildings are or were located along it...
in the Fairlie-Poplar
Fairlie-Poplar
The Fairlie-Poplar Historic District is part of the central business district in downtown Atlanta. It is named for the two streets that cross at its center, northeast-only Fairlie and southeast-only Poplar. Fairlie-Poplar is immediately north of Five Points, the definitive centerpoint and...
neighborhood in downtown Atlanta
Downtown Atlanta
Downtown Atlanta is the first and largest of the three financial districts in the city of Atlanta. Downtown Atlanta is the location of many corporate or regional headquarters, city, county, state and federal government facilities, sporting facilities, and is the central tourist attraction of the city...
. A typical example of an International-style
International style (architecture)
The International style is a major architectural style that emerged in the 1920s and 1930s, the formative decades of Modern architecture. The term originated from the name of a book by Henry-Russell Hitchcock and Philip Johnson, The International Style...
skyscraper, the building was designed by Chicago-based architectural firm Skidmore, Owings and Merrill
Skidmore, Owings and Merrill
Skidmore, Owings and Merrill LLP is an American architectural and engineering firm that was formed in Chicago in 1936 by Louis Skidmore and Nathaniel Owings; in 1939 they were joined by John O. Merrill. They opened their first branch in New York City, New York in 1937. SOM is one of the largest...
, and was constructed in 1968 on the site of the former Piedmont Hotel
Piedmont Hotel
The Piedmont Hotel was a hotel which took up the block between Peachtree, Luckie, Forsyth and Broad streets. The hotel opened with a gala celebration on January 15, 1903. It was built on the site of the homesteads of Atlanta pioneers William Ezzard and . It was Atlanta's first "New York" or...
.
Its location is next to the historic Flatiron Building
Flatiron Building (Atlanta)
The English-American Building, commonly referenced as the Flatiron Building, is a building completed in 1897 located at 84 Peachtree Street in downtown Atlanta, Georgia, on the wedge-shaped block between Peachtree Street NE, Poplar Street NW, and Broad Street NW, also creating a one-block break...
across Peachtree Street to the east, and the historic Rhodes-Haverty Building
Rhodes-Haverty Building
The Residence Inn Atlanta Downtown is a 21-story hotel tower occupying the former Rhodes-Haverty Building at 134 Peachtree Street NW and Williams Street in the Fairlie-Poplar historic district of downtown Atlanta, Georgia. The building was designed by Atlanta architects Pringle and Smith...
across Williams Street
Williams Street
Williams Street Productions, LLC, operating under the name Williams Street, is a division of Cartoon Network, which is owned by Turner Broadcasting, an operational unit of Time Warner...
to the northeast. It is also bounded by Forsyth Street on the northwest, and Luckie Street on the southwest. Woodruff Park
Woodruff Park
Woodruff Park, named for Robert W. Woodruff, is located in the heart of downtown Atlanta, Georgia. The park's are north of Edgewood Ave, between Peachtree Street NE and Park Place NE...
is just across Broad Street to the south, and that intersection
Intersection (road)
An intersection is a road junction where two or more roads either meet or cross at grade . An intersection may be 3-way - a T junction or fork, 4-way - a crossroads, or 5-way or more...
and pedestrian
Pedestrian
A pedestrian is a person traveling on foot, whether walking or running. In some communities, those traveling using roller skates or skateboards are also considered to be pedestrians. In modern times, the term mostly refers to someone walking on a road or footpath, but this was not the case...
plaza
Plaza
Plaza is a Spanish word related to "field" which describes an open urban public space, such as a city square. All through Spanish America, the plaza mayor of each center of administration held three closely related institutions: the cathedral, the cabildo or administrative center, which might be...
would be where the future Peachtree Streetcar lines intersect.
Ownership
AXA Equitable Life Insurance Company
AXA Equitable Life Insurance Company, formerly The Equitable Life Assurance Society of the United States, also known as The Equitable, was founded by Henry Baldwin Hyde in 1859. In 1991, AXA, a French insurance company, acquired majority control of The Equitable...
from 1968 to 1997, when it was sold to Chicago-based LaSalle Advisors for almost $36 million. In 2007 it was purchased by Equastone
Equastone
Equastone is a real estate investment advisor company, headquartered in San Diego, California.Equastone owns the following skyscrapers:*Equitable Building in Atlanta, Georgia*Pan American Life Center in New Orleans, Louisiana...
100 Peachtree LLC for 57 million.
Due to the late-2000s recession, the value of the building has dropped by more than 25%, and the building is 50% vacant. As of April 2009, the building was in foreclosure
Foreclosure
Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...
, and was to be auction
Auction
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder...
ed on May 5. Equastone owed 52 million dollars to Capmark Bank, and thus was upside-down
Negative equity
Negative equity occurs when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In the United States, assets with negative equity are often referred to as being "underwater", and loans and borrowers with negative equity are said to be "upside down".People...
on its mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
.
On June 2, 2009 the building was put up for auction in Atlanta. The only bid
BID
Bid may refer to:*Bidding, making a price offer in an auction, stock exchange, or card games*Bid , a British home shopping channel...
der, 100 Peachtree Street Atlanta LLC, an affiliate of Capmark Bank, bought the building for $29.5 million.
The Atlanta Business Chronicle reported in late January 2010 that Georgia State University
Georgia State University
Georgia State University is a research university in downtown Atlanta, Georgia, USA. Founded in 1913, it serves about 30,000 students and is one of the University System of Georgia's four research universities...
may be interested in buying the building and its parking deck, to accommodate a growing enrollment
Education
Education in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
now over 30,000 student
Student
A student is a learner, or someone who attends an educational institution. In some nations, the English term is reserved for those who attend university, while a schoolchild under the age of eighteen is called a pupil in English...
s.
The Atlanta Journal Constitution reported in May 2011 that Georgia State University
Georgia State University
Georgia State University is a research university in downtown Atlanta, Georgia, USA. Founded in 1913, it serves about 30,000 students and is one of the University System of Georgia's four research universities...
was negotiating to purchase the building to house its renowned J. Mack Robinson School of Business and provide much-needed office space. On July 6, 2011, the Atlanta Journal Constitution reported that the building had been purchased by Florida based America's Capital Partners for $19 million.