Atlanta Landmark Hit With Foreclosure Paperwork

One of the more noticeable downtown buildings is in the process of being foreclosed, as the owners of the Equitable Building reported the facility will be auctioned off next month.

According to officials, the 33-story structure will be auctioned to the highest bidder, as Equastone 100 Peachtree LLC, the owner of the building, reportedly has liabilities to Capmark Bank to the tune of $51,973,000 on the mortgage.

Equastone purchased the Equitable Building two years ago for $57 million, but the value of building has declined 26 percent.

Officials report that only half of the building's office space is leased. The building offers 615,122 square feet of office and retail space.

Foreclosures in Metro Atlanta Area Marks All-Time High

In what should not be surprising news given the recent economy, Equity Depot is reporting that foreclosures in the metro Atlanta area has hit an all-time high.

According to the firm, 8,425 properties were scheduled to be auctioned today. The previous high was 7,967 properties from last September.

Fulton County is in front with 1,838 foreclosed properties, followed by Gwinnett and DeKalb counties. Fayette has the least foreclosed properties at 128.