July 7, 2011
FOR IMMEDIATE RELEASE
July 7, 2011
Contact: Sonya Moste, Director of Marketing and Public Relations
Landmark Atlanta Skyscraper Finds New Owner
ATLANTA – One of Atlanta’s most iconic buildings, the Equitable building, found a new owner last week. Located in Downtown at the corner of Peachtree and Luckie Street, 100 Peachtree has held a prominent spot on the Atlanta skyline since 1968. It was purchased for $19 million by America’s Capital Partners, a Miami based firm and seasoned owner of Atlanta office properties.
“We are delighted to have completed this acquisition and look forward to the opportunity to reintroduce this outstanding property to the Atlanta business community,” says Allen C. de Olazarra Chairman and Chief Executive Officer of Americas Capital.”
The 622,000 square foot building will undergo a $20 million renovation to make it state-of-the-art and energy efficient. It’s also located along the future Atlanta Streetcar route and represents the first major investment along the streetcar line since the City of Atlanta was awarded a $47 million grant by the U.S. Department of Transportation last year.
“The Equitable building is one of Atlanta’s signature Downtown landmarks and I am pleased to welcome America's Capital Partners as its new owners,” said Mayor Reed. “I am confident that this group will be good stewards of this important building and will build on the tremendous successes we have already seen in the Downtown corridor.”
“The investment in 100 Peachtree will help further re-energize all the good work that’s going on in the Downtown community and is complimentary to the growth plans of major stakeholders in the area, including Georgia State University, ” says A.J. Robinson, president of Central Atlanta Progress, Inc.
Recent analysis conducted by the Atlanta Development Authority of City Council District 2, where 100 Peachtree Street is located, shows the area received $869 million in public incentives since 2000 that has resulted in a total of $3.4 billion in real estate investment and business activity over the past decade.
According to Brian McGowan, the newly appointed CEO and President of the Atlanta Development Authority, “The investment commitment by America’s Capital Partners in Downtown Atlanta helps build on the momentum that began with projects such as the Georgia Aquarium, Technology Enterprise Park and the revitalization of the old Macy’s building at 200 Peachtree. This is a positive sign that the private sector believes in the future of Atlanta's economy and is an early indicator of recovery.”
ABOUT ATLANTA DEVELOPMENT AUTHORITY
The Atlanta Development Authority is the official economic development agency for the city of Atlanta. ADA represents intown Atlanta, which has a population of 420,000 and growing. ADA is a research-based economic development organization, focused on residential, business and investment growth in the city. Visit www.atlantada.com.